Local Support Double Bottom| Low Volume| Tend Change?Hello Traders!
Welcome to another update, todays chart will be on NEOBTC currently resting on the .50 Fibonacci level, will bulls have momentum to push NEO further up?
Points to consider,
- Trend change attempt
- Double bottom as local support
- EMA’s giving resistance
- Stochastics in lower regions
- RSI bouncing of support
- Volume clearly declining
A trend change will come to fruition if NEO holds this potential double bottom; this will put in a new higher low. The double bottom is in confluence with the .50 Fibonacci level, putting more emphasis on the importance on this level.
EMA’s are currently giving price resistance, will push NEO down if no bull volume comes through at current given time.
The stochastics are currently in the lower regions, can stay there for an extended period of time, however lots of stored momentum to the upside. RSI is bouncing of support, must hold, a break will most probably send NEO to lower levels.
Volume has declined rapidly, a clear indication that a move is imminent in either direction with in influx of volume.
Overall, in my opinion, a confirmed trend change will come from the respect of the local double bottom. A break of this level will increase the probability of NEO testing lower levels as the trend will still remain bearish.
What are your thoughts?
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And remember
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
NEOBTC trade ideas
THIN LINE BETWEEN REBIRTH AND DEATH, NEOAfter successfully penetrating the Ichimoku cloud well, accompanied by a large number of transactions at the time, a sign that people are happy with the neo situation. we can feel the air of excitement when neo is above the clouds.
like the others, the party must end soon it seems, we are back inside the green clouds and cannot get out of the clouds, the grip of the cloud was very strong and NEO had not been able to get out of his grip for several days
we are in a period of consolidation, boring, indeed, what else can we do? but this is crypto, anything is possible
RSI indicates that we are in the 50s, could it be down for a period for " take a rest" or is there still strength to rise again? thankfully, RSI stochastic showing us we are at 16, a sign NEO still has the strength to climb up
But is that power enough to break out of the Ichimoku cloud? if NEO can get out, can it penetrate the green line as the first resistance line? I will continue to update this information
any support and like are appreciated...
Is NEO ready to SURPRISE everyone?NEO is on the verge of a larger breakout. How far is bull-run from the truth? Not far, is it? What does the chart tell us?
Please understand longer-term volatility is still in the stage of compression. This can be seen by the purple 200 MA Bollinger Band.
Because we are compressing, the market is building up potential energy, or in other words conversely shedding mass. Soon there will be enough energy (or little enough mass) to move the markets one way or another.
The longest daily over-expanded period is 65. This can be seen on the three-dimensional heatmap, and as soon as enough volatility evaporates, NEO will be ready.
The longest 4H over-expanded period is 508, and therefore we could see a further decline to around the 1106 level. Please, use the lower 50 MA Bollinger Band (turquoise color) for approximate reference on the daily graph.
Commodity Channel Index, custom volatility indicators and Bollinger Bands and their derivatives were used in the technical analysis. This is not a financial advice and you agree to take 100% responsibility.
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Neo has six green lights Neo just entered the Ichimoku Cloud just as it flipped to green and held for a few days. Which just happened to land on the moving average ribbon. MACD crossing up, P-Sar switched to green, STOCH is above 25, RSI is above 50. I entered this trade already but we might see a retest .001225 area but these bulls are on parade.
NEOBTC 1D Ichimoku Kumo Breakout /w Bullish Kumo TwistBullish Thesis:
-Price has broken above and held above cloud
-Bullish TK Cross
-Bullish Kumo twist
Risk/Counter Thesis:
-Thin kumo on the immediate horizon (can act as a black hole that sucks in price)
-Altcoin/Bittrex/Low Liquidity/Bearish Macro Environment
Laddered Entry Range*:
0.00128778 - 0.00121517
*Position size should scale higher for better (lower) entries
Stop Loss Placement:
-Below Kijun
-Greater than ATR of ~7000 sats
-Stop loss assumes that momentum towards the thin kumo twist area may be sustained and break down with high momentum, so we are getting out before that happens