a1Keith
Long

NEO, beginning of a recovery?

BINANCE:NEOUSDT   NEO / Tether
NEO bottomed on the lower parallel of the pitchfork that I drew several days ago. It has also broken out of the descending pitchfork .
After such a dramatic fall I am very cautious
You could enter on the 5 minute chart and keep a tight stop 120
trailing up.
Remember that the first CBOE             futures contract in BTC             ceases trading at 245pm Chicago time today, just over one hour
Update in a few hours
Trade active: one minute chart

Trade active: There is a recovery starting but I am still cautious that there will be another leg down in a few days.
The following charts compare ETH, BTC and NEO. ETH is still within the downtrending slope and needs to hit 1000 within the next 12 hours.



BTC has just regained support on top of one of the descending lines.


And NEO has continues to move up the parallel lines, but should hold 120.
Note how it leaves the downtrend line by pushing through then returning to find support on the line. This is a bullish sign

Trade active: Note the fractal with current pattern a larger version of several hours ago

Trade closed: stop reached: Stop was moved to entry 131. Stopped out Profit 0
Comment: I may look for a reentry around 100 . This could be in about 14 hours. This is at the confluence of the downtrending modified Schiff Pitchfork and the upward sliding parallel formed by the two recent spike lows.
I will only enter if I see support on the line and I can place a small stop. The trade may last only a few hours.
If this lowest sliding parallel breaches then I expect a larger fall

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