NEO going bull? Or full on bear? Time will soon tell
Updated
It looks like NEO has been in a large bearish rising wedge since 1/29 or so, and as you can see the 50 EMA is dangerously close to the 200 EMA. A breakout from this wedge seems imminent but which way depends on what these next couple candles have to say. We're bullish on the MACD but we'll have to bust through both the 50 and the 200. Otherwise we could see the bottom of the wedge again, or test one of the further Fib levels.
Much of this will depend on where BTC goes of course, but I thought it would be fun to test this out. I make no recommendations and you'd have to be crazy to base any trading decisions off me, for I am as noob as they come. Thanks and good luck trading!
Much of this will depend on where BTC goes of course, but I thought it would be fun to test this out. I make no recommendations and you'd have to be crazy to base any trading decisions off me, for I am as noob as they come. Thanks and good luck trading!
Note
Some interesting action here as NEO did penetrate the 50 and 200 EMA levels but ran into immediate resistance at the 100% Fib retracement level. It's been testing that level all day with no luck so far, and right now these tiny candles are just sandwiched in between the EMAs and the !00% Fib line. Bouncing around back and forth. Meanwhile, we're still slightly bullish on the MACD, but without much more volume it's hard to imagine breaking through the resistance. We might head right back the other way! On the other hand, if the volume picks up, we could break through and test the top of our wedge. NEO is very indecisive right now.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.