NEOUSD - 4h Chart Analysis
Updated
After 2 attempts of breaking the resistance level of 24.91$ the price has returned to the sideways movement which started on the 14th of August.
Both RSI and Stochastic are indicating "overbought" positions out of which we can expect the market to slow down for a short term with with a possible target of 22.91$.
But the bearish trend which started on the 31st of August seems to remain steady as long as the price is still between the 20 days Moving Average and the upper band of Bollinger and the MACD line is still above the Signal one meaning that it can be just a matter of time until the level of 24.91$ will be tested again.
Both RSI and Stochastic are indicating "overbought" positions out of which we can expect the market to slow down for a short term with with a possible target of 22.91$.
But the bearish trend which started on the 31st of August seems to remain steady as long as the price is still between the 20 days Moving Average and the upper band of Bollinger and the MACD line is still above the Signal one meaning that it can be just a matter of time until the level of 24.91$ will be tested again.
Trade active
Support line 2 is broken. Opportunities to buy the dip or average down for those who had positions on NEOUSD.
Remember! Every Trade has his risk.
Don't trade more than you can afford to lose!!
Note
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