Looking at the number of factors
NEOUSDT
is preparing for the trend reversal and potential downward move. There is a number of reasons for this.
1) Price/Volume and Price/RSI divergence.
2) This divergence occurring next to the important resistance zone of $22.90
3) In the lower timeframe (2H) there is a "Sell Zone" between $22.5 - $22.9
Trading Plan:
When the price will reach the sell zone it is important to monitor the strength of Buyers and Sellers. There is a possibility that price will spike above the $22.9 level to collect the stops of short-sellers prior to the downward move. After that, there is a good chance that the price will drop below the 22.55 mark, retest this level as resistance and will start its decline.
The first take-profit target would be located in the area of $20-$21 and at this point, you can fix some position moving the stop-loss towards the break-even point. After that, If there will be no buyer on the market the price may continue its decline towards the POC of the horizontal channel.
Below POC level we may see the formation of some buying strength, however, the major support area is located at around $16.7 - $15.8
Best of luck with your trading.
NEOUSDT
is preparing for the trend reversal and potential downward move. There is a number of reasons for this. 1) Price/Volume and Price/RSI divergence.
2) This divergence occurring next to the important resistance zone of $22.90
3) In the lower timeframe (2H) there is a "Sell Zone" between $22.5 - $22.9
Trading Plan:
When the price will reach the sell zone it is important to monitor the strength of Buyers and Sellers. There is a possibility that price will spike above the $22.9 level to collect the stops of short-sellers prior to the downward move. After that, there is a good chance that the price will drop below the 22.55 mark, retest this level as resistance and will start its decline.
The first take-profit target would be located in the area of $20-$21 and at this point, you can fix some position moving the stop-loss towards the break-even point. After that, If there will be no buyer on the market the price may continue its decline towards the POC of the horizontal channel.
Below POC level we may see the formation of some buying strength, however, the major support area is located at around $16.7 - $15.8
Best of luck with your trading.