Hello Traders,
Looking at the 4 hour chart for NEOUSDT, NEO just bounced at one of the major resistances ($80).
I expect NEO to go side way movements or maybe dip a little bit in next few days and here is why.
Reason 1: Potential Inverse head and shoulder patterns
If this is the case, then NEO needs to form the right shoulder. 23.6% retracement is acting a good support so far, but I want to see it to dip to 38.2% retracemenet, where EMA200 is.
Reason 2: Huge selling volume and potential bear flag
This is pretty much self-explanatory. If you see huge selling volume followed by low buying volume and formation of bear flag, this is usually the indication that price will fall.
For those reasons, I will not be surprised that NEO will go back $70 in next few days. My next targets for NEO are
1) $90
2) $100
3) $120
Happy trading!!
Looking at the 4 hour chart for NEOUSDT, NEO just bounced at one of the major resistances ($80).
I expect NEO to go side way movements or maybe dip a little bit in next few days and here is why.
Reason 1: Potential Inverse head and shoulder patterns
If this is the case, then NEO needs to form the right shoulder. 23.6% retracement is acting a good support so far, but I want to see it to dip to 38.2% retracemenet, where EMA200 is.
Reason 2: Huge selling volume and potential bear flag
This is pretty much self-explanatory. If you see huge selling volume followed by low buying volume and formation of bear flag, this is usually the indication that price will fall.
For those reasons, I will not be surprised that NEO will go back $70 in next few days. My next targets for NEO are
1) $90
2) $100
3) $120
Happy trading!!
Trade active
Comment:
$70