imfamousrajat

NEO - COMPLETING THE SYMMETRICAL TRIANGLE

Long
BITFINEX:NEOUSD   NEO / U.S. Dollar
Greeting everyone!

Apologies to everyone for not posting this chart earlier. I made it 3 days back when NEO was around 31 but forgot to post it. Let's not delay it further now!

NEO has been moving inside symmetrical triangle which is about to get complete. The uptrend line of the triangle has turned about to be a great support till now and the resistance from the downtrend line has been tested 4 times already. This resistance shall be tested again in a few days and if we are able to get through it, the price is going to reach to next Fibonacci level. The Risk/Reward ratio for this level is: 4. Also, this resistance line lies close to 45 day EMA , which will provide some good resistance!

RSI+EMA:


Buy order can be placed just above the resistance line or it can be bought after the retest of the resistance line.

On the downside, if it gets rejected from the resistance line, then it's gonna fall back to the support line (which must hold in my opinion) which paves way to open some longs in the 30-31 region.

(I can post the chart with in depth analysis using indicators if people need it, but as for now, this should suffice.)

P.S: This is not an investment advice. This is for learning purposes only. This is my personal journal. Invest your capital at your own risk.

Keep an eye out. Trade safely. Always remember, money not lost is also a profit.

Good luck trading.!
Peace.
Comment: BTC Plummeting due to this and the whole market is taking a hit. Trade with care.
There may be some absurd movement in price so watch out.!

1> https://www.sec.gov/news/public-statemen...

2> https://www.sec.gov/rules/other/2018/34-...
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