Chance of Bullish reversal after NEO USD hit my downward target
NEO USD 60 minute candles on the left and 1 day candles on the right.
Two days ago NEOUSD has broken downward from the falling wedge it was trending in. Yesterday it accelerated its descend during the market fud caused by the rapid Bitcoin price dump in response to the hacked trading API's of several Binance users.
NEO hit the downward target I set in my March 6 analysis of NEOUSD, which you can view by clicking here. Price bounced up from 88 USD and is currently rubbing (testing) the green dashed trend line right at the 78.6% Fibonacci trend channel at 50% Fibonacci retracement. If it manages to find new support above that line again, it will instill more confidence, especially if it can push upward soon after to attack the 38.2% Fibonacci resistance at 114~119 dollars. If bullish momentum sticks around we can expect it to target 132 dollars at the 50% Fibonacci retracement resistance, indicated by a green target marker.
The RSI, MACD and TTM squeeze indicators from the 60 minute chart are conservatively positive at this moment and lean toward short term bullish momentum for now. If NEO however fails to maintain this momentum it could re-test support at 88~90 dollars and if it breaks down from there it could head towards the red target marker at 72~75 dollars at the 61.8% Fibonacci line.
This was the situation at the time of my previous NEO analysis, March 6:
You can use this chart analysis to assist you in trading, to help you identify trading patterns, trend lines , support and resistance zones you can monitor for breaks.
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. My analysis is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin, where BTCUSD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.
If you like my analysis a like is always appreciated.
Happy Trading! ~ CryptoJC
Two days ago NEOUSD has broken downward from the falling wedge it was trending in. Yesterday it accelerated its descend during the market fud caused by the rapid Bitcoin price dump in response to the hacked trading API's of several Binance users.
NEO hit the downward target I set in my March 6 analysis of NEOUSD, which you can view by clicking here. Price bounced up from 88 USD and is currently rubbing (testing) the green dashed trend line right at the 78.6% Fibonacci trend channel at 50% Fibonacci retracement. If it manages to find new support above that line again, it will instill more confidence, especially if it can push upward soon after to attack the 38.2% Fibonacci resistance at 114~119 dollars. If bullish momentum sticks around we can expect it to target 132 dollars at the 50% Fibonacci retracement resistance, indicated by a green target marker.
The RSI, MACD and TTM squeeze indicators from the 60 minute chart are conservatively positive at this moment and lean toward short term bullish momentum for now. If NEO however fails to maintain this momentum it could re-test support at 88~90 dollars and if it breaks down from there it could head towards the red target marker at 72~75 dollars at the 61.8% Fibonacci line.
This was the situation at the time of my previous NEO analysis, March 6:
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. My analysis is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin, where BTCUSD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.
If you like my analysis a like is always appreciated.
Happy Trading! ~ CryptoJC
Comment:
Those following the Bitcoin pair can find my NEO BTC analysis by clicking here:
