Short

Bearish Reversal. Head and Shoulders: Confirmed.

Updated

Here I'm seeing a Head and Shoulders pattern which has broken the "Neck-Line" and the most recent flag on the far right of the chart appears to be a "Bull Trap". The volume appears to confirm the pattern as well. Considering that there has been no major news or events regarding NEO which could possibly explain this kind of movement, I believe that the majority of the uptrend was a result of market-wide FOMO as BTC remained stable and many "ALT" / Superior tokens grew in value.

I believe that NEO will correct or complete retracement back to the 35 dollar level, consolidate around 40-42, and may continue it's uptrend in the following weeks.

Pay attention to Twitter feed's, Reddit, and be aware of any upcoming NEO events if you are looking forward to buying and selling opportunities.

Good luck.

-Van

Note

Also notice the increasing Price and *Decreasing* volume on the last shoulder of this chart. This is always a Bearish signal.

Of course, something could occur which changes this projection. But unless something does, I'm predicting a continued downtrend until yesterday's prices are met.

Order cancelled

It bounced! What's kind of funny is that after bouncing off the Neckline a second time the chart appears to have formed an Inverse Head and Shoulders (but with poor volume, can't confirm), which would mean the exact opposite of the analysis I gave yesterday.

Is this a bull trap? Or just a standard shake-out before greater gains are achieved?

VanBenno

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