TheTradingo
Short

Near Trend Started On Neo, Going to correct itself then go up

BINANCE:NEOUSDTPERP   NEO / TetherUS PERPETUAL FUTURES
NEOUSDT Analysis

A few hours back crossover of Kijun (Red Line) and Tenken (Blue Line) which gave us a weak sell signal because the price was above the KUMO cloud and then price went into the KUMO cloud which means it is consolidating and another sign was shown when the crossover of cloud happened which has started Red cloud that also means the price is going down. There will be a Strong sell signal if price closes below the KUMO cloud and other signs are not reversed.

The main trendlines that I have plotted in this secondary trend are around 12.250 which is resistance and around 10.78 which is support. There is also one internal trendline that I plotted before which was support now price has penetrated support and support became the resistance. It will have to cross this internal resistance in order to go upward. There are also other resistances like the border of cloud and Redline.

I initiated a short position when price struck my resistance and now the target is major trendline support of the secondary trend which is around 10.8.

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