NEO/BTC on the daily chart.
Huge descending wedge where we may see a huge bounce at its apex off the green support line. This is a significant support as we originally bounced off it to start the massive run last year.
In saying this i do not expect a breakout from the wedge until at least a week as we have a decent bit more to drop to the green support line.
REASONS:
- Volume has not declined enough to convince me of the adequate decline of sellers to start a breakout (this is typical in descending wedges).
- RSI is forming a bearish ascending wedge in neutral territory and is currently at support.
- Mini bear flag forming within the wedge
I will be buying around the green line region with a S/L a little below the green support line.
Huge descending wedge where we may see a huge bounce at its apex off the green support line. This is a significant support as we originally bounced off it to start the massive run last year.
In saying this i do not expect a breakout from the wedge until at least a week as we have a decent bit more to drop to the green support line.
REASONS:
- Volume has not declined enough to convince me of the adequate decline of sellers to start a breakout (this is typical in descending wedges).
- RSI is forming a bearish ascending wedge in neutral territory and is currently at support.
- Mini bear flag forming within the wedge
I will be buying around the green line region with a S/L a little below the green support line.
