Nice pinbar formed on Friday at 80% retracement. I think it is a good time to buy against otherwise strong short term bearish move. It came out of Elliott triangle, so I assume it is the end of the cycle. Price action in channel is choppy and at the lower trendline, the last move is extended. The price should hit T1 soon.
I'm publishing my personal view of the market.
ABC move is followed by correction. I think bear trend is continuing. I'm anticipating short impulse to the downside or another ABC to the downside.
Picture tells more than thousand words.
We have confirmed bull trend (HH). Will it continue?
Price could go both ways.
There is on outside bear candle foloved by to insidebars. That could be very shallow retracement.
Sucesful break to the upside could lead to strongmove.
Caution is needed arround 1,145 price (first profit taking oportunity).
Price movement to the upside was quite strong and pin formed is small; Timing and location of the pin is very good.
First (T1) continuation of (red) sideways is expected and than (T2) possible lower low; could be new ABC move to the downside.
Third week of February has seen the biggest buying in Binance history for the pair. Bearish pin formed and was later broken to the upside.
Price action of the last ten weeks is signaling break of important 13.800 price level.
NEO seems to be a good investment opportunity and 13.800 is a good price to buy. Margin...
In this interpretation important (shallow) WXY correction is already over and down trend is continuing (that is main thing). Looking for shorts seems reasonable. Recent pinbar is massive and on important spot. Support becomes resistance.
Picture tells more than a thousand words.