Long

Neo Long on breach of downtrending line

Updated

Neo has been one of the strongest currencies in the last few days.
BTC is outpacing ETH But Neo is outperforming both. At this time China is asleep having celebrated the New Year and bought lots of Neo. So it remains to be seen if buying will continue
But we have two upward trend lines providing support and one providing overhead resistance. As I was writing Neo punched through this line and consolidated above

Entry on 5 min chart below 127.3
Stop 127
Take profit to be decided
but if we can take out 133 and hold it we could reach 200
If I get stopped out I will wait for a retracement to the gently sloping ascending line around 120 with a stop at 116

Note

Note

I got stopped out of this trade a few hours ago at 127 for a loss of 2% but I reentered at 128.
NEO has now taken out overhead resistance.. So we could be on our way much higher. I will watch to make sure we do not fall below.
The chart below shows that the slope from the original December fork is still working and still relevant. It can give us points of resistance and support on the way up

Note

Please ignore the chart above. I have redrawn the slope. The difference is small but important.
Possible overhead resistance at 142

Note

NEOETH has broken through another downtrending line and is currently sitting on top of it

Note

but NEOBTC at horizontal support 0.012 and support from ascending line.I am not sure that will hold

NEOUSD Lines redrawn
Large fork is completely unproven. It may be breaking down from this ascending wedge. If price holds 119 it would abide by the slope of the new large fork

Note

IGNORE ABOVE CHART IT IS SILVER XAGUSD NOT XVGUSD

Trade active

NOTE; ABOVE COMMENT IS FOR ANOTHER TRADE. IT IS A CHART OF VERGE
BELOW IS NEOUSD UPDATE
We have slow but important progress. We are above support lines for several hours similar to BTC. Using 25 centile of the large fork for support could propel Neo towards 200 once again

Trade closed manually

entry at 128.00
out at 125.00
loss 2.3%

Note

Trade is closed but this chart validates my decision to take a loss. We see a downtrending channel which could take us to the lower parallel of the pitchfork in the diagram above. You can see that we could reach a price of around 102 within 48 hours. This might be a place to take a quick long (and get out again within a few hours) depending on price

tradingview.com/x/vH6G7cLC/action

Note

Above is a megaphone pattern, or expanding pivots. The opposite of a wedge

a1Keith

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