NEOBTC Trend Change| Pennant Formation| New Higher Low!
Hello Traders!
Today’s chart update will be on NEOBTC after having a massive bull break from local lows, NEO is currently are trading in an equilibrium coming into its apex of this pennant. Will NEO put in a new higher low before continuing this new trend?
Points to consider,
- Trend broke lower low structure
- Local support in confluence with .618 Fibonacci
- Local resistance is where price topped out
- RSI trading in overbought territory
- Stochastics currently flat
- EMA’s turned bullish from initial break
- Volume declining
The structure of NEO has completely changed with this recent pump, negating the bearish trend of lower lows. Multiple resistance levels have been broken leaving the price consolidating looking to correct, which will be healthy for the price as this will put in a local higher low.
Local support is in confluence with the .618 Fibonacci level, price is highly probable to retrace to this level if a bear break comes to fruition from the pennant. Local resistance however is where price topped out from the initial bull break. This is an important area for the bulls to break in the next impulse move up to confirm the bull trend.
The RSI is currently overbought, a correction in the price back to the .618 Fibonacci level will cool this indicator off, back to neutral territory. The stochastics however is quite flat, no clear direction until we have a decisive break from the pennant.
EMA’s are currently bullish but is yet to meet price, it must hold price as support to confirm a bull break from this pennant. Volume is key to watch as it is rapidly declining, this signals that a break is imminent in either direction, which will be confirmed with an influx of bull and or bearish volume.
Overall, In My Opinion, we have a clear equilibrium forming, trading close to its apex. A break is imminent which has to be back with strong volume as it is visibly declining. A retracement back to the .618 Fibonacci is probable and will be very healthy for the trend; this will allow NEO to put in a new higher low as well as cool of indicators such as the RSI.
What are your thoughts on NEO?
Please Leave a like and comment,
And remember,
“You can lose your opinion of you can lose your money.” – Adam Grimes
Today’s chart update will be on NEOBTC after having a massive bull break from local lows, NEO is currently are trading in an equilibrium coming into its apex of this pennant. Will NEO put in a new higher low before continuing this new trend?
Points to consider,
- Trend broke lower low structure
- Local support in confluence with .618 Fibonacci
- Local resistance is where price topped out
- RSI trading in overbought territory
- Stochastics currently flat
- EMA’s turned bullish from initial break
- Volume declining
The structure of NEO has completely changed with this recent pump, negating the bearish trend of lower lows. Multiple resistance levels have been broken leaving the price consolidating looking to correct, which will be healthy for the price as this will put in a local higher low.
Local support is in confluence with the .618 Fibonacci level, price is highly probable to retrace to this level if a bear break comes to fruition from the pennant. Local resistance however is where price topped out from the initial bull break. This is an important area for the bulls to break in the next impulse move up to confirm the bull trend.
The RSI is currently overbought, a correction in the price back to the .618 Fibonacci level will cool this indicator off, back to neutral territory. The stochastics however is quite flat, no clear direction until we have a decisive break from the pennant.
EMA’s are currently bullish but is yet to meet price, it must hold price as support to confirm a bull break from this pennant. Volume is key to watch as it is rapidly declining, this signals that a break is imminent in either direction, which will be confirmed with an influx of bull and or bearish volume.
Overall, In My Opinion, we have a clear equilibrium forming, trading close to its apex. A break is imminent which has to be back with strong volume as it is visibly declining. A retracement back to the .618 Fibonacci is probable and will be very healthy for the trend; this will allow NEO to put in a new higher low as well as cool of indicators such as the RSI.
What are your thoughts on NEO?
Please Leave a like and comment,
And remember,
“You can lose your opinion of you can lose your money.” – Adam Grimes
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