NEO Broke neckline H&S, target 78

Neo has formed a H&S formation since the pump this weekend. But now it has dropped below the neckline around 86 which could take price back to the 78 support level. Great risk reward trade! Risking $1/$1,5 to gain $8

H&S is a very reliable pattern, but in crypto and especially with Alts (where volume is low) they fail more often when the market is very bullish. This happened allot in 2017, so i use my stop loss just in case!

Note

Above that red area around 88, the H&S gets invalidated. Doesn't mean it can't drop anymore, but for me it becomes a gamble than. I closed have with a $1 loss, closing the rest around 88.40

Note

Think we get another chance here, seems like it broke out downwards our of a small triangle

Note

As requested, an update.

So the H&S target was reached eventually at 78. Thing are still looking very bearish short term. Seems to be making a bigger H&S (less reliable though!). We can also a see a bear flag in the making, it's almost dropping out of ot which could take us towards the 70. There we have a very big support level, this should give support and COULD make an end to this correction. I think we are going lower because the whole market seems to be ready for a correction now since the big rally a few weeks ago

botje11

Also on:

botje11

Also on:

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.