NEO/USD is showing no signs of breaking through this 6 month wedge as it shifts closer to the tail end. This could fall sharply and simply turn into a bear trap that may catch many off guard, wait for candle closure before making a decision as I believe we may see some long hammer wicks as we've seen in the past below key support levels to catch the newbies off guard, hammer wicks act as a key sign of reversal and signal strong buying pressure. Something else to keep an eye signaling buying pressure as it nears the $81 key support is the volume, does the volume increase rapidly when you see it fall under the $81 mark?
If you're looking for entries into neo I would hold off for the breakout or set a few buy orders between $90 and $75. DON'T fear missing out if it breaks to the upside of this wedge and you are day trading, the next key resistance sits at $150 and I'm almost certain if it breaks out it will see $125 again before $166 so think about your buys when trading for the short term and be PATIENT.
Happy Trading,
Follow for more.
ArchieBRO
NOT FINANCIAL ADVICE.
If you're looking for entries into neo I would hold off for the breakout or set a few buy orders between $90 and $75. DON'T fear missing out if it breaks to the upside of this wedge and you are day trading, the next key resistance sits at $150 and I'm almost certain if it breaks out it will see $125 again before $166 so think about your buys when trading for the short term and be PATIENT.
Happy Trading,
Follow for more.
ArchieBRO
NOT FINANCIAL ADVICE.
