NEOBTC Potential Ascending Triangle
Hello Traders,
Welcome back to another chart, today's chart will be on NEO, formerly known as Ant-Shares, surely a re-brand back?
Points to consider,
- Price testing resistance zone (Red Zone - .382 Fibonacci Zone)
- RSI bouncing of overbought region
- Stochs showing downwards momentum
- EMA's action as support for price at current given time
- Volume is near to none --> Below average
- VPVR is showing low volume of transactions between current resistant zones
NEO could be forming a potential Ascending Triangle which is technically a bullish formation, however this needs to be confirmed with a third touch on the support line. NEO is more probable to retrace from this zone as the RSI is coming of overbought regions, with the stoch's showing downwards momentum, a retracement to the support line is highly probable. If and when NEO breaks out of this current resistant zone, we may see a retest of the .618 Fibonacci Zone quickly as VPVR is showing significantly low volume of transactions between the two zones..
What are your thoughts?
Please leave a like a comment
and remember
"There's no such things as a free lunch"- Milton Friedman
Welcome back to another chart, today's chart will be on NEO, formerly known as Ant-Shares, surely a re-brand back?
Points to consider,
- Price testing resistance zone (Red Zone - .382 Fibonacci Zone)
- RSI bouncing of overbought region
- Stochs showing downwards momentum
- EMA's action as support for price at current given time
- Volume is near to none --> Below average
- VPVR is showing low volume of transactions between current resistant zones
NEO could be forming a potential Ascending Triangle which is technically a bullish formation, however this needs to be confirmed with a third touch on the support line. NEO is more probable to retrace from this zone as the RSI is coming of overbought regions, with the stoch's showing downwards momentum, a retracement to the support line is highly probable. If and when NEO breaks out of this current resistant zone, we may see a retest of the .618 Fibonacci Zone quickly as VPVR is showing significantly low volume of transactions between the two zones..
What are your thoughts?
Please leave a like a comment
and remember
"There's no such things as a free lunch"- Milton Friedman
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