NEO / BTC technical analysis [BINANCE]

NEO / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 4 Jun 2019


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NEO seen from the temporality of 1D we can observe how the price maintains an upward movement inside an ascending wedge, one would expect that the price will find rebound just in the support located in the 1477, as we see it marked in the graph of above with a horizontal red color, to continue with the upward setup, the price should follow the trajectory that I have drawn in the image, this is a classic movement of 7 touches inside the setup, the minima to maintain a position each time higher in inclination (signal that new bulls are incorporated to the trend) the price tends to rise until arriving at the breaking point where an accelerated movement of the trend takes place.

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NEO seen from the temporality of 1W we can as within the month of May marked a minimum within the major figure descending, this has led to the entry of volume to the currency and we see reflected in the current structure of candles within this same temporality, if the bullish movement mentioned in 1D, the price would reach the resistance located at 2419 to then perform a throwback to the horizontal now converted into support located at 1743, this would form the upward setup of SHS invested (a very bullish setup).

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NEO seen from the 3D temporality we can observe as the movement inside the ascending wedge will make the price very possibly break the zone of resistance before mentioned and that we can see in the image of above indicated inside the rectangle.

In conclusion, the price maintains an excellent bullish movement with ever higher minimums, a sign of traders' intention to change the trend, we also have a larger figure that is marking us a possible inverted SHS that would give greater entries in long positions, the price is at its best buying moment below the resistance of 1743, which would be our first take profit, our second tale profit we tend to be located at 2419.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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MrBullishSail
MrBullishSail

Technical Market Analyst Crypto trader Website: https://www.buymeacoffee.com/XCdmEAZnD Twitter: https://twitter.com/armijogarcia


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