Neo Long on breach of downtrending line
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Neo has been one of the strongest currencies in the last few days.
BTC is outpacing ETH But Neo is outperforming both. At this time China is asleep having celebrated the New Year and bought lots of Neo. So it remains to be seen if buying will continue
But we have two upward trend lines providing support and one providing overhead resistance. As I was writing Neo punched through this line and consolidated above
Entry on 5 min chart below 127.3
Stop 127
Take profit to be decided
but if we can take out 133 and hold it we could reach 200
If I get stopped out I will wait for a retracement to the gently sloping ascending line around 120 with a stop at 116
BTC is outpacing ETH But Neo is outperforming both. At this time China is asleep having celebrated the New Year and bought lots of Neo. So it remains to be seen if buying will continue
But we have two upward trend lines providing support and one providing overhead resistance. As I was writing Neo punched through this line and consolidated above
Entry on 5 min chart below 127.3
Stop 127
Take profit to be decided
but if we can take out 133 and hold it we could reach 200
If I get stopped out I will wait for a retracement to the gently sloping ascending line around 120 with a stop at 116
Nota
Nota
I got stopped out of this trade a few hours ago at 127 for a loss of 2% but I reentered at 128.NEO has now taken out overhead resistance.. So we could be on our way much higher. I will watch to make sure we do not fall below.
The chart below shows that the slope from the original December fork is still working and still relevant. It can give us points of resistance and support on the way up
Nota
Please ignore the chart above. I have redrawn the slope. The difference is small but important.Possible overhead resistance at 142
Nota
NEOETH has broken through another downtrending line and is currently sitting on top of itNota
but NEOBTC at horizontal support 0.012 and support from ascending line.I am not sure that will holdNEOUSD Lines redrawn
Large fork is completely unproven. It may be breaking down from this ascending wedge. If price holds 119 it would abide by the slope of the new large fork
Nota
IGNORE ABOVE CHART IT IS SILVER XAGUSD NOT XVGUSD Dagangan aktif
NOTE; ABOVE COMMENT IS FOR ANOTHER TRADE. IT IS A CHART OF VERGEBELOW IS NEOUSD UPDATE
We have slow but important progress. We are above support lines for several hours similar to BTC. Using 25 centile of the large fork for support could propel Neo towards 200 once again
Dagangan ditutup secara manual
entry at 128.00out at 125.00
loss 2.3%
Nota
Trade is closed but this chart validates my decision to take a loss. We see a downtrending channel which could take us to the lower parallel of the pitchfork in the diagram above. You can see that we could reach a price of around 102 within 48 hours. This might be a place to take a quick long (and get out again within a few hours) depending on pricetradingview.com/x/vH6G7cLC/action
Nota
Nota
Above is a megaphone pattern, or expanding pivots. The opposite of a wedge
Penafian
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