tschuster

NEOUSD Bull Flag

BITFINEX:NEOUSD   NEO / Dollar
It looks like there is a bull flag pattern on NEOUSD. If it breaks out at around $36.00, the target should be approximately $53.00. It could take longer to break out, however. Remember, wait for confirmation before trading!
Broke out for a moment, went back down, possible trade still on?
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tschuster rensie10
@rensie10, I would say that it was a throwback. However, it's hard to tell, because in this situation it depends on the precise position of the lines on the chart. I've attached an updated chart, with the lines adjusted slightly. On this chart, it looks like NEO broke out; then there was a throwback to the support. It's difficult to determine whether it was a false breakout or simply a throwback, so I would wait to trade until NEO breaks the resistance line (purple), on the updated chart:
snapshot
Thank you very much for your feedback! T.
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