NEO USD Flag looks Bearish
Updated
NEO/USD, 2 hour candles on the left and 1 day candles on the right. NEO hit the downward targets of my March 6 and March 8 analysis.
Right now NEO is flagging and awaiting a break in trend. Although the RSI of the 1 day candles chart indicates oversold, which hints a (bullish) reversal might be incoming, I lean towards a downward break given the bearish Bitcoin situation right now. Should BTC however be able to clear the sky for NEO, it might still break upwards. If NEO breaks below $64 support we will most likely see it head towards the bear flag target at $52. I've indicated the various support and resistance zones for you to keep an eye out for breaks in trend.
I don't have a glass ball that predicts the future, so be aware things may work out differently as I think it will. You can use my charts to help you identify trend lines & support and resistance zones to monitor for break in trends. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
P.S. you can view my latest Bitcoin/USD chart here:
Right now NEO is flagging and awaiting a break in trend. Although the RSI of the 1 day candles chart indicates oversold, which hints a (bullish) reversal might be incoming, I lean towards a downward break given the bearish Bitcoin situation right now. Should BTC however be able to clear the sky for NEO, it might still break upwards. If NEO breaks below $64 support we will most likely see it head towards the bear flag target at $52. I've indicated the various support and resistance zones for you to keep an eye out for breaks in trend.
I don't have a glass ball that predicts the future, so be aware things may work out differently as I think it will. You can use my charts to help you identify trend lines & support and resistance zones to monitor for break in trends. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets. This is not financial advice: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
If you enjoy my analysis make sure to follow me at TradingView and other social media. A push on the like button is very much appreciated!
Happy Trading! ~ CryptoJC
P.S. you can view my latest Bitcoin/USD chart here:
Note
Update 1, March 18A few hours after I posted my analysis NEO's bear flag broke down and by now it has reached my $52 target. By the looks of it, it won't stop its descend there, especially since Bitcoin bears aren't tired yet either. Unless Bitcoin momentum dramatically changes soon, NEO will test $50 within the coming hours. Should it fail to hold/bounce there, a further decline towards $43 seems likely.
Should NEO however get new (temporary) bullish momentum the white Fibonacci lines mark the resistance lines, with most resistance to be expected around $64 ~$67.
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