$NEO small retrace before next leg to new ATH?
After this deep retrace for NEO and dumps last days, I bought a decent amount of NEO for the mid to long term.
On the left chart I notice that it bounced off from the long term support line, indicating that it might have started its next leg to a new ATH.
Short term it broke out of the smaller downtrend and bouncing in a reversal pattern which can give you a great chance to get open some trades a bit lower as its trading now.
Targets determined with Fibonacci Extensions.
Trading advise: traders who prefer to be more on the safe side wait for a break out of the bigger pennant.
Short term traders can step in once retracing to the smaller blue box.
SL should be placed below the long term trendline, below 55k sat.
Happy trading!
On the left chart I notice that it bounced off from the long term support line, indicating that it might have started its next leg to a new ATH.
Short term it broke out of the smaller downtrend and bouncing in a reversal pattern which can give you a great chance to get open some trades a bit lower as its trading now.
Targets determined with Fibonacci Extensions.
Trading advise: traders who prefer to be more on the safe side wait for a break out of the bigger pennant.
Short term traders can step in once retracing to the smaller blue box.
SL should be placed below the long term trendline, below 55k sat.
Happy trading!
Comment:
Trying to find support on the long term trendline.....be carefull!
