NEO (NEO/USD) Got a Bounce From The Trendline & Possible Target
Updated
Yesterday, when Bitcoin' starts to so some strength and volume upwards then the whole market shows some positive signs and so as NEO'.
NEO' got a bounce from the minor trendline which started from 6. September and now the third bounce guide us upwards back above the $18 level.
Currently, we have a breakout from the short-term downtrend trendline which was pulled from 7. September.
We have a breakout and also the retest + bounce, which will indicate that it is technically a good breakout trade. NEO' finds resistance from the strong area (blue line). This area is worked historically very strongly and break above could mean another leg upwards.
Where should be Your first target?!
The first target has to be just a little bit below the round number area $20. In this area we have Fibonacci retracement level 38% (pulled from 4. Sept to 12. Sept) and also we have a harmonic chart pattern called "Cypher"! Cypher pattern shows also that the target area has to be below the $20! Yes, You can take some of Your profits out from the $20 but remember: always be less greedy than the others!
If the market loses bullish momentum (concidering that very bearish candle close on BTC' weekly chart - bearish "Engulfing" candlestick pattern, which indicates that the week could be negative for BTC') then if we break below the short-term down trendline it will be a sign that we can't go higher and we are back our down channel to go back into the lower levels!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
NEO' got a bounce from the minor trendline which started from 6. September and now the third bounce guide us upwards back above the $18 level.
Currently, we have a breakout from the short-term downtrend trendline which was pulled from 7. September.
We have a breakout and also the retest + bounce, which will indicate that it is technically a good breakout trade. NEO' finds resistance from the strong area (blue line). This area is worked historically very strongly and break above could mean another leg upwards.
Where should be Your first target?!
The first target has to be just a little bit below the round number area $20. In this area we have Fibonacci retracement level 38% (pulled from 4. Sept to 12. Sept) and also we have a harmonic chart pattern called "Cypher"! Cypher pattern shows also that the target area has to be below the $20! Yes, You can take some of Your profits out from the $20 but remember: always be less greedy than the others!
If the market loses bullish momentum (concidering that very bearish candle close on BTC' weekly chart - bearish "Engulfing" candlestick pattern, which indicates that the week could be negative for BTC') then if we break below the short-term down trendline it will be a sign that we can't go higher and we are back our down channel to go back into the lower levels!
Hopefully, those levels and this analysis helped You out a little bit to confirm Your own analysis!
Please, don't forget to hit the LIKE button to support us!
Best regards!
Note
Very strong and bullish 4h candle closed above the strong area! Now, if the market stays like this then we go and test the $20!
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