NEO USD 60 minute candles on the left and 1 day candles on the right.
NEO has been descending within a falling wedge that has broken downward in the recent hours. Short term RSI is nearing oversold. In the coming hours we could see a temporary reversal bounce at around 104/105 dollars, make it target 110/111 dollar again.
However the one day candles chart RSI is still far from oversold and the TTM Squeeze indicator signals a bearish reversal. Unless there is some good news coming to save the day, I expect it to continue its descend towards the orange marked target around 94 dollars with some support before that at 100 and 96 dollar.
If momentum for NEOUSD still manages to switch gears into bullish mode, it will most likely target the 134 dollar mark, encountering resistance along the way at the Fibonacci lines depicted in the 60 minute chart on the left.
You can use this chart analysis to assist you in trading, to help you identify trading patterns, trend lines , support and resistance zones you can monitor for breaks.
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. You should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin , where BTCUSD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.
Happy Trading! ~ CryptoJC
NEO has been descending within a falling wedge that has broken downward in the recent hours. Short term RSI is nearing oversold. In the coming hours we could see a temporary reversal bounce at around 104/105 dollars, make it target 110/111 dollar again.
However the one day candles chart RSI is still far from oversold and the TTM Squeeze indicator signals a bearish reversal. Unless there is some good news coming to save the day, I expect it to continue its descend towards the orange marked target around 94 dollars with some support before that at 100 and 96 dollar.
If momentum for NEOUSD still manages to switch gears into bullish mode, it will most likely target the 134 dollar mark, encountering resistance along the way at the Fibonacci lines depicted in the 60 minute chart on the left.
You can use this chart analysis to assist you in trading, to help you identify trading patterns, trend lines , support and resistance zones you can monitor for breaks.
Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. You should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin , where BTCUSD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.
Happy Trading! ~ CryptoJC
Comment:
For those of you who might be following the Bitcoin pair, here is the link to my NEO BTC analysis:
Comment:
You can find my new NEO USD analysis by clicking here:
