NEOUSD
So BTCUSD is on a tear, we should be looking to alt coins price in USD for discounts. Having a look at NEO after its recent move some consolidation is occurring and is indicative of some healthy price action.
NEOUSD recently caught support at the 30ema on the weekly time frame giving way to a mega bounce and is now consolidating after topping at about $39
daily
NEOUSD recently set a double top on the daily time frame and pulled back some after making such a strong move. The daily pivot and the 30ema on this time frame are currently providing price support for a consolidation period.
Note the possible bullish MACD cross underway with the RSI in a relatively neutral range.
4 hour
On the 4 hour time frame, a head and shoulders pattern has formed. Price has tested and so far failed to break above the neckline and could be forming a bear flag. Support has been found at pivot S1 and the 170dma on this time frame approximately $27 and $25.96. These are key levels of support bulls will need to see hold.
Bulls need to push the price back above the H&S neckline and reclaim it as support, approximately $31.70.
Watch for the potential bearish cross of the 30ema and 68ema (brown line below grey).
1 hour
This is an interesting situation with the chart where the 1 hour timeframe is signaling the opposite of the 4 hour with a possible inverse head shoulders pattern forming. The price becomes more bullish above the inverse neckline, approximately $30.92.
The stochastic RSI is trending upwards and could drive a bullish MACD cross.
Bullish Above: $33
Bearish Below: $25
RISK TRADE: Position long here looking to play the inverse H&S. Use stop losses to protect capital. Mind neckline backtest if the trade plays to the upside.
Don't forget to use stop losses!!!
Previous Articles:
ETHUSD
BTCUSD
DASHUSD
ZECUSD
XMRUSD
LTCUSD
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.
