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NEO’ offers to us some trade opportunities. After BTC’ drop, all the altcoins are made a throwback. The healthiest trading setup is probably on the NEO’ chart. After price has stopped, NEO’ price found the support from the strong area at $8.
The support criteria:
1. Round number act as a
2. The since mid of December
3. FIB retracement 38%
4. Old resistance from the end of December should act now as a .
5. Plus we already have tested this level and we got on the 4H chart reversal indication pattern .
This is not so strong because of the current market situation. We have to watch more what BTC’ do. If the bulls attempt to push the price upwards then NEO’ has a very high probability to bounce upwards pretty quickly.
But there is an even better setup! If the market makes another leg downwards then we might get a candle close below the mentioned levels. A 4H candle close inside the red triangle will confirm bearishness. Then we have all those criteria smashed and the ride downwards would start from there. The first target would be the $7!
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*This information is not a recommendation to buy or sell. It is to be used for educational purposes only!
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Published at Thu, 10 Jan 2019 12:37:55 +0000
