NEO Bitcoin falling wedge / flag pending bounce or break
Updated
NEO BTC 1 day candles (left chart) and 1 hour candles (right chart)
Repost of the analysis I posted earlier today (original post got removed because of a link)
Looking at the 1 day candles chart, NEO / Bitcoin is currently descending within a falling wedge or flag (depending if you draw the lines at the candle wicks or full candle bottom). Currently the price is at the bottom of the descending channel and is pending a bounce or downward break.
Short term, day(s)
If the price manages to bounce up from the channel bottom, NEO will most likely target / encounter resistance at 0.0112, 0.0119 and 0.0126 in the days to come. However if the bottom bounce fails the downward targets / support lines are at 0.0089, 0.0085, 0.0070 and finally 0.0052 (the orange marked target).
Shortish mid term, week(s)
This type of flag or falling wedge on the 1 day candle chart is a bullish reversal pattern, NEO has a good chance of breaking out upwards in the coming week(s) to continue towards the green target markers at 0.0150 and 0.0219.
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 this TA and always do your own research: explore news, social media buzz, market momentum, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility , where BTC USD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.
Happy trading! - CryptoJC
Repost of the analysis I posted earlier today (original post got removed because of a link)
Looking at the 1 day candles chart, NEO / Bitcoin is currently descending within a falling wedge or flag (depending if you draw the lines at the candle wicks or full candle bottom). Currently the price is at the bottom of the descending channel and is pending a bounce or downward break.
Short term, day(s)
If the price manages to bounce up from the channel bottom, NEO will most likely target / encounter resistance at 0.0112, 0.0119 and 0.0126 in the days to come. However if the bottom bounce fails the downward targets / support lines are at 0.0089, 0.0085, 0.0070 and finally 0.0052 (the orange marked target).
Shortish mid term, week(s)
This type of flag or falling wedge on the 1 day candle chart is a bullish reversal pattern, NEO has a good chance of breaking out upwards in the coming week(s) to continue towards the green target markers at 0.0150 and 0.0219.
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 this TA and always do your own research: explore news, social media buzz, market momentum, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility , where BTC USD fluctuations can easily disrupt trends of other coins. Monitor your investment and set alerts and stop loss orders in place.
Happy trading! - CryptoJC
Note
NEO Bitcoin is still where I left it: struggling to clinch on to that lower Falling Wedge border.In the meanwhile NEO USD is breaking below its own Falling Wedge. For those trading the USD pair, I have posted my NEO USD analysis here:
Note
Quick update to note that we can also discover a Head and Shoulders formation on the 1 day candles chart. If the pattern completes itself and won't find prior support to bounce from, it will have the same 5200 target as I measured for the Falling Wedge.
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