Looks like we have an symmetrical triangle forming indicated by the blue lines. There is a local resistance at $33 and the top 1-Hour Ichimoku Cloud (not shown) is at $33.3. I'm going for the safer breakout of the ~$33.3 (pink path) for reentry to take ~10% profit at around $36. If BTC breaks $4675, as mentioned in my other BTC post it will likely help pull NEO up.
Although the triangle is forming we have to be careful that it doesn't break the symmetrical triangle trend. There are two other potential paths to consider which is why the break above ~$33.3 is important.
1) (Bright Purple Path) We could head to ~$29.1 before seeing a bounce upwards. This would preserve the symmetrical triangle and just decrease the slope of the lower triangle line. After this you'd likely see an upwards trend similar to the one described above.
2) (Faded Purple Path) The next strongest support is at $26. Likely to see reversal if we hit that, but I will reevaluate that if it looks like this is the path we're taking.
** Comments and critiques always welcome especially contrasting analysis ideas
** @CAG_CryptoTA
Although the triangle is forming we have to be careful that it doesn't break the symmetrical triangle trend. There are two other potential paths to consider which is why the break above ~$33.3 is important.
1) (Bright Purple Path) We could head to ~$29.1 before seeing a bounce upwards. This would preserve the symmetrical triangle and just decrease the slope of the lower triangle line. After this you'd likely see an upwards trend similar to the one described above.
2) (Faded Purple Path) The next strongest support is at $26. Likely to see reversal if we hit that, but I will reevaluate that if it looks like this is the path we're taking.
** Comments and critiques always welcome especially contrasting analysis ideas
** @CAG_CryptoTA
Comment:
Looks like we touched the $26 support and bounced up. Be wary of a Dead Cat Bounce (www.investopedia.com.../d/deadcatbounce.asp)....even a dead cat bounces if you throw it hard enough. There is some opportunities for some quick profits but make sure you arent caught if it continues to fall. I would say ~$33 signifies we've reversed the down trend. Will reevaluate as we get closer
