NEO/USDT
Note, we are not telling you to take a short position. But are simply providing our thoughts.
1-day time frame
I will be scaling into a short position on neo with a tight stop above resistance. There may be a double bottom pattern forming. BB%B suggests we can expand more. However, MACD indicates buy pressure is weakening, and we are waiting to confirm a bearish cross. The Middle Band acts as solid support. However, Volume seems weak, and we can view a scenario where we tap near the Lower Band before deciding our next move. The RSI is below 70%, which is not necessarily bullish. We will be mindful of the scenario as buy volume can accelerate. We will take profits and lower S/L for-profit along the way if the opportunity presents itself.
Play safe, Follow, and leave a like If you want more of this content.
Best wishes,
HONEYITSGONE!
1-day time frame
I will be scaling into a short position on neo with a tight stop above resistance. There may be a double bottom pattern forming. BB%B suggests we can expand more. However, MACD indicates buy pressure is weakening, and we are waiting to confirm a bearish cross. The Middle Band acts as solid support. However, Volume seems weak, and we can view a scenario where we tap near the Lower Band before deciding our next move. The RSI is below 70%, which is not necessarily bullish. We will be mindful of the scenario as buy volume can accelerate. We will take profits and lower S/L for-profit along the way if the opportunity presents itself.
Play safe, Follow, and leave a like If you want more of this content.
Best wishes,
HONEYITSGONE!
Note
Double top **Note
Try to DCA into this near the top of range, and don't buy at one price. S/L above resistance.Note
Use green horizontal lines as potential targets. Remember if this was to play out nothing goes down in a straight line so take profit along the way and look for a better entry if the opportunity presents itself.Note
Beware of relief pumps may happen on the H1Note
Consider taking profits and lowering your S/L for profit. You can always find a new/ Safer entry.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.