NEOUSDT | Bullish Trend | Resistance Confluence | Low Volume
Today's analysis – NEOUSDT - Currently trading in a healthy uptrend, retesting structural support.
Points to consider:
- Bullish trend- consecutive higher lows
- Trend line support holding true
- 55 EMA (visual guide)
- Fibonacci and structural resistance confluence
- Declining immediate volume
- RSI below 50
NEOUSDT’s trend has been putting in consecutive higher lows, now trading between two important levels, structural support and structural resistance.
The current trend line support is holding true, a higher low projection will be at play until the trend line has been breached.
The 55 EMA will act as a visual guide; price trading above this indicator will support the bullish bias.
However, the .618 Fibonacci retracement in conjunction with structural resistance has been serving as a strong resistance zone where price has had multiple failed attempts to breakthrough.
Historically we have seen an influx of volume correlate with an expansion of volatility, thus, the current decline in volume is indicative of an influx being imminent.
The RSI is currently just below 50, bias is still bearish in the immediate market. However it is attempting to cross back above 50, trading beyond this level will indicate increasing strength in the market.
Overall, in my opinion, NEOUSDT is likely to continue its uptrend and consolidate within structural resistance and trend support as it reaches its apex where a break is expected. A long trade will be valid with a break and retest of structural support with volume follow-through to avoid fake-outs.
Points to consider:
- Bullish trend- consecutive higher lows
- Trend line support holding true
- 55 EMA (visual guide)
- Fibonacci and structural resistance confluence
- Declining immediate volume
- RSI below 50
NEOUSDT’s trend has been putting in consecutive higher lows, now trading between two important levels, structural support and structural resistance.
The current trend line support is holding true, a higher low projection will be at play until the trend line has been breached.
The 55 EMA will act as a visual guide; price trading above this indicator will support the bullish bias.
However, the .618 Fibonacci retracement in conjunction with structural resistance has been serving as a strong resistance zone where price has had multiple failed attempts to breakthrough.
Historically we have seen an influx of volume correlate with an expansion of volatility, thus, the current decline in volume is indicative of an influx being imminent.
The RSI is currently just below 50, bias is still bearish in the immediate market. However it is attempting to cross back above 50, trading beyond this level will indicate increasing strength in the market.
Overall, in my opinion, NEOUSDT is likely to continue its uptrend and consolidate within structural resistance and trend support as it reaches its apex where a break is expected. A long trade will be valid with a break and retest of structural support with volume follow-through to avoid fake-outs.