ETH bounced off the resistance of the descending channel.
SELL scenario: short to 2950.
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Remember, there is no place for luck in trading - only strategy!
Thanks for the likes and comments.
BITFINEX:NEOUSD
Few weeks back posted $NEOUSD chart with target around 7.00
Now we have another coin braking lower from another bearish consolidation (flat bottom triangle) with similar target around 6.90/7.00 area.
Following previous chart dated 09/03/2018 which was telling 2 stories, one of them true today (of course ;-)).
So, 63.62 failed to hold and as mentioned in comments, that went bad for NEO.
Therefore, count was not valid anymore, previous trade from 80ish was stopped out at 78.00 and that is fine.
Now, we can see clearly that 28/02/2018 high was a bull trap or...
NEOUSD has completed a daily correction from 16/01/2018 jigh at 63.62 and has recovered in a 3 waves bounce to 141.16. From there, a FLAT rejected NEOUSD to 78.92 where the cycle from 20/02/2018 ended. Since then, the altcoin is under pressure as moves to the upside are in 3 waves in smaller time frame.
As long as above 78.92, preferred view is NEOUSD is to regain...
The bear trend will likely continue when we get to the end of this pennant. A lot of cryptos seem to be doing the same thing and pushing further down , a lot are hitting key buy zones. We will have to wait and see what NEO does here to have a better idea of the buy zone.
NEOUSD IS seeing $120 resistance with multiple touches and rising lows.
Resistance may come at the downtrend line as it also comes close to the 0.618 retracement level, we may some some traders taking profits here. Aside from that next proven resistance level is at $165 area. NEOUSD seems ready to pop.
