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?
Please leave a like and comment
And remember
“Stocks are bought not in fear but in hope. They are typically sold out of fear.” – Justin Mamis
