Neo / TetherLong
NEO/USDT bullish falling wedge formation
Updated
NEO has been in a consolidation phase for a couple of weeks and has shown signs of break out during an initial rally from 20 to 39 USD. It looks like the market has bottomed out after falling +/- 80% from its high of 55.
Market appears to be consolidating and forming a falling wedge during this consolidation. If prices break the upper trendline (break out point sitting around 31USD) on very high volume, expect the price to fly towards 50 in order to revisit the previous AllTimeHigh.
Aggressive traders could be opening a long position at this stage, with a stop loss just bellow the lower trendline.
Prudent traders should wait for the breakout on High volume in order to not be exposed to any risk.
Best of luck to all!
Market appears to be consolidating and forming a falling wedge during this consolidation. If prices break the upper trendline (break out point sitting around 31USD) on very high volume, expect the price to fly towards 50 in order to revisit the previous AllTimeHigh.
Aggressive traders could be opening a long position at this stage, with a stop loss just bellow the lower trendline.
Prudent traders should wait for the breakout on High volume in order to not be exposed to any risk.
Best of luck to all!
Note
Update: NEO still in consolidation within the range 26-30, yesterday there was a breakout of the falling wedge on huge volume, minutes later the price fell back invalidating the breakout. Target remains higher 40's, unless we break the 26 support on high sell volume.
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