NEO Reversal Point and Impending Bull Run (NEO/BTC)
Updated
NEO is approaching a potential reversal point and looking to resume its uptrend –
- Trading in a descending wedge
- Bullish divergence on RSI
- Volume has been dropping off and now extremely low, about a third of the monthly average
Pointy end of wedge converges with a number of key areas -
- Long term log trendline (in pink)
- .618 fib retracement from recent upward move
- 1200 ema (200ema on the daily chart) which we bounced off a couple of weeks ago
Approx. entry area is in green, .0079 to .0085 BTC. Will look to buy an upward breakout out of the descending wedge backed by volume.
Targets are previous support/resistance/fib levels -
1 - .0108 BTC
2 - .0118 BTC
3 - .0140 BTC
- Trading in a descending wedge
- Bullish divergence on RSI
- Volume has been dropping off and now extremely low, about a third of the monthly average
Pointy end of wedge converges with a number of key areas -
- Long term log trendline (in pink)
- .618 fib retracement from recent upward move
- 1200 ema (200ema on the daily chart) which we bounced off a couple of weeks ago
Approx. entry area is in green, .0079 to .0085 BTC. Will look to buy an upward breakout out of the descending wedge backed by volume.
Targets are previous support/resistance/fib levels -
1 - .0108 BTC
2 - .0118 BTC
3 - .0140 BTC
Order cancelled
Broke down out out the wedge.Updated idea here -
Comment
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