If we look at the 4H chart of NEO, we can see several trend reversal signals. Double top and a bearish divergence tell us about possible downward movement. We should be ready to see the market falling to SMA50 and SMA100. MACD also confirms downward movement. We can fix a part of profit from the previous buy signals and wait for new ones. If the market drops to SMA50 and we get a confirmed reversal signal, it will be good buy opportunity. But if the market passes through SMA50 and the previous swing low, the double top pattern will be confirmed. If SMA100 can't stop and reverse the market, we should be ready to see further downward movement to the zone between 17.50 and 15.00 levels. Alternative variant, if the price bounces from 32.00 support level and breaks the local high, it will be a buy signal. Pending orders for buy can be placed at 34.50 with stop orders at 25.30 level. Profit targets should be at 42.00 and 52.00 resistance levels.
NEO just passed the 34,50 level and have a little dip now. Now it passes the 35,50 level will it go to the resistance levels?
Mavva
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@Jenjomotsu, I'm waiting for it to reach $35.10+ levels for a safe entry. If it doesn't drop back after that level, then yeah, as Lavrov said it should go upward to either previous resistance levels or new lower resistance levels (like $34.50 was this time)
There seem to have been another double top now that ended up reversing us bellow our entry point. @DLavrov is this analysis still valid? Could you maybe give us an explanation on whats going on with NEO/USD here? Should we cancel and cut our losses or stay in the race here?
Also, keep it up! Thank you for sharing your analysis! :)
Anonscooby
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nice chart!
quangduydo
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Your analysis is so well, thanks bro !
DungNamNam
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Hello
after closing part BTC, I continue to appreciate your analysis and sharply increase the proportion of NEO. I put the door rise sharply next when breaking the threshold of 34.5
Many thanks for analysts and do hope you noticed Ark and NXS
abreding
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Nice, but that bearish divergence is only potential at the time you made this. Think of the 2 tops of the histogram forming an M. As soon as the histogram goes lower than the middle part of that M, then it becomes a confirmed divergence. Now that I'm looking at it, price actually broke those tops. So good distinction between potential divergence and confirmed. Use M's and W's to confirm divergences :)
yup_marius
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i don't know how it shows you dobble top , i'm looking at every single time frame possible and i can't see Neo's double TOP