NEOUSD Black Swan & Potential CypherTesting Fib 236 Black Swan's AD
Breakdown scenario & Bullish Cypher as described
NEOUSD trade ideas
Bulls defend NEO After a sharp decline NEO has rebounded from the uptrend line, which shows that the bulls are ready to defend this important support. The pullback from the uptrend line witnessed a strong resistance from both the 100-day and 200-day EMA. They are nearly at the same level.
If the bulls scale above the moving averages, NEO may rise towards next resistance zone between $14.50 and $15 level.
However, if NEO/USD turns down from this strong resistance, it will find support from the uptrend line.
If the price plummets below the uptrend line, it will shows a change in trend. As long as the price sustains above the trend line, NEO will keep the bullish view alive.
Since NEO is trading at a resistance level , traders should wait to buy at supports.
NEO Price Analysis NEO / USD: Looking UpNEO / USD Short-term price analysis
NEO has a bearish short-term trading outlook, with the cryptocurrency trading well below its 200-period moving average on the four-hour time frame.
The four-hour time frame is showing that the NEO / USD pair has rebounded sharply higher after the bearish head and shoulders pattern reached its overall downside projection.
Technical indicators on the four-hour time frame are bullish and continue to issue a strong buy signal.
Pattern Watch
Traders should note that a bullish reversal pattern could start to form now that the inverted head and shoulders pattern has reached its downside projection.
Relative Strength Index
The RSI indicator has turned bullish on the four-hour time frame and is also issuing a buy signal.
MACD Indicator
The MACD indicator has turned bullish on the four-hour time frame and is starting to generate a buy signal.
NEO / USD Medium-term price analysis
NEO has a bullish medium-term outlook, with the cryptocurrency holding firm above its trend defining 200-period moving average.
The daily time frame is showing that the recent decline in the NEO / USD pair has failed to invalidate the large inverted head and shoulders pattern.
Technical indicators on the daily time frame are still bearish, despite the recent correction higher in the NEO / USD pair.
NEO / USD Daily Chart by TradingView
Pattern Watch
Traders should note that the July 17th swing-high is the overall target of the inverted head and shoulders pattern on the daily time frame.
Relative Strength Index
The RSI indicator is attempting to recover higher on the daily time frame, although it remains technically bearish.
MACD Indicator
The MACD indicator on the daily time frame is still bearish and continues to issue a sell signal.
Conclusion
NEO is attempting to recover upside momentum after potentially forming a very important technical bottom across both time horizons.
The formation of a bullish reversal pattern on the lower time frames may indicate that the NEO / USD pair is ready to test back towards the neckline of the inverted head and shoulders pattern on the daily time frame.
Get on the NEO train!After NEO yesterday announced that NEO and Ontology will cooperate on a interoperability protocol and additionally adjusting their strategy with NEO as the asset platform and Ontology as the identity platform without creating a new token for the interoperability platform, I believe it significantly improved the future prospects for NEO.
Although dependent on the Bitcoin price development, I would look to the upside for NEO which is also supported by the charts.
There is a possibility for the beginning of an uptrend in NEOUSDTechnical analysis:
. Neo/Dollar is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 41.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (10.3100 to 8.4295). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (10.3100)
Ending of entry zone (8.4295)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words,
NO entry signal when the price comes to the zone BUT after any of the reversal patterns is formed in the zone.
To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons:
Take Profits:
TP1= @ 14.26790
TP2= @ 17.63851
TP3= @ 20.75000
TP4= @ 24.99556
TP5= @ 31.86434
TP6= @ 43.90000
TP7= @ 93.13590
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There is a possibility for the beginning of an uptrend in NEOUSDTechnical analysis:
. Neo/Dollar is in a range bound and the beginning of uptrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic resistance.
. The RSI is at 41.
Trading suggestion:
. There is a possibility of temporary retracement to suggested support zone (10.3100 to 8.4295). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Beginning of entry zone (10.3100)
Ending of entry zone (8.4295)
Entry signal:
Signal to enter the market occurs when the price comes to " Buy zone " then forms one of the reversal patterns, whether " Bullish Engulfing ", " Hammer " or " Valley " in other words,
NO entry signal when the price comes to the zone BUT after any of the reversal patterns is formed in the zone.
To learn more about " Entry signal " and the special version of our " Price Action " strategy FOLLOW our lessons:
Take Profits:
TP1= @ 14.26790
TP2= @ 17.63851
TP3= @ 20.75000
TP4= @ 24.99556
TP5= @ 31.86434
TP6= @ 43.90000
TP7= @ 93.13590
TP8= Free
NEO fights recovery Like other Cryptos NEO/USD has declined more than 50% since July 26. It fell below the moving averages. The pair is trading now at $11 just above the 200-day SMA. The first resistance can be seen at $11.35, it's the 61.8 Fibonacci retracement level.
An upside break up can trigger rise towards next resistance at $13.19.
On the other hand, if NEO/USD slips below the 200-day SMA, it may plummet to $8.75 support level. RSI is close to oversold territory which shows that the power of the bears.
Dont get HopieAs per a request this is easy straight forward and clean, keep selling rallies until fail this is clean sell zone note i am a intraday trader primarily and to be completely transparent i am not actively trading this due to us residency. When i took a glance thru major pairs on cryptos they all have similar structure. Follow your own trade plans this is not financial advice
Happy Hunting if you pm, an request something if im free ill post it for ya
(Over) Correction done for NEONeo has been always one of my favourite coins so far.
It has plunged more than 35% in the last week, finally touching again a solid support.
I expect a sharp and quick upwards in the 13$/14$ zone soon, that's why I increased my long around these levels.
Even if the support breaks, the chances for a green candle are very high.
This is an optimal risk/reward trade
What do you think?
BFCMInvest
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Bullish Pennant is formingThis looks like a fairly straight forward pennant flag.
Just watch a break below the red line, (sell) and consider taking profit anytime past the green line.
Something to watch out for, the RSI is high, so a breakout will not last very long, the MACD might not cross over for a few hours.
Potential Dip BuyingThe bullflag on the daily failed and NEO saw a sell off comparable to other front line alts. Falling below the 350 MA and breaking the major trendline is bearish. However we have the minor trendline and the 250 MA that can act as support. There is some confluence with the horizontal resistance ~$10.60. It should be noted that NEO originally broke over the 250 MA in early April and fell below only to finally cross in early May. It's possible this could happen again with the 350 MA. If the price doesn't bounce from this area, we'll have to watch the ~$9 and ~$8 levels. If neither of those hold we'll probably retest the yearly lows.
