At the moment, NEO is grinding upwards in the rising channel, clean touches from trendline and also clearly visible higher highs(HH) and higher low(HL).
Like all the crypto market made a little pullback and so as NEO. Price falls below the round number area which is currently $20. The pullback finds the end from a 50% Fibonacci retracement level, old resistance area becomes a support area and it was close to the trendline. So, the criteria are good!
Currently, we fight with a round number $20 which works as a resistance, on the four-hour chart we are above the 50 and 100EMA and they are pointed upwards, which is a good sign!
To confirm bullishness then we have to make a new higher high and break above the 200EMA then we have almost a clean run to the next resistances $27.03 (June low) and the main resistance around $30.
The main resistance consist with two monthly levels July low and Aug. high + we have there a trendline which is pulled from four-chart candle bodies and pulled from 05.07-18.08
To confirm bearishness on the NEO/USD chart:
"Shows some mixed signs" - it means that we are in the bearish chart pattern "Bear Flag" and if You draw some lines differently (no mistake) then it could be also a continuation pattern called "Rising Wedge". And if we get a close below the gray area then it would be a easy confirmation. We have made a lower low, we have a break below the channel (rising wedge) bottom trendline and THE TREND IS YOUR FRIEND!
Hopefully, this helps you out a little bit to confirm your own analysis!
If You want to support us, please hit the LIKE button!
Have a nice day!
Like all the crypto market made a little pullback and so as NEO. Price falls below the round number area which is currently $20. The pullback finds the end from a 50% Fibonacci retracement level, old resistance area becomes a support area and it was close to the trendline. So, the criteria are good!
Currently, we fight with a round number $20 which works as a resistance, on the four-hour chart we are above the 50 and 100EMA and they are pointed upwards, which is a good sign!
To confirm bullishness then we have to make a new higher high and break above the 200EMA then we have almost a clean run to the next resistances $27.03 (June low) and the main resistance around $30.
The main resistance consist with two monthly levels July low and Aug. high + we have there a trendline which is pulled from four-chart candle bodies and pulled from 05.07-18.08
To confirm bearishness on the NEO/USD chart:
"Shows some mixed signs" - it means that we are in the bearish chart pattern "Bear Flag" and if You draw some lines differently (no mistake) then it could be also a continuation pattern called "Rising Wedge". And if we get a close below the gray area then it would be a easy confirmation. We have made a lower low, we have a break below the channel (rising wedge) bottom trendline and THE TREND IS YOUR FRIEND!
Hopefully, this helps you out a little bit to confirm your own analysis!
If You want to support us, please hit the LIKE button!
Have a nice day!
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