So again like the video says, I'm few months into trading crypto and learning TA. Patterns are not anything I typically trade on but this honestly popped out at me. Check the link below on the TA I posted just prior to this video.
Thoughts? Love to hear why you think ya or nah?
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No one has any thoughts on this one? Really looking for some thoughts feedback guys !
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Price action playing along the S/R .0133.. Need break/close above to get up.
Thoughts on scenario.
Scenario 1: We break the .01338506 S/R then move to .01396831. We'll need a break/close above w/ confirmation to know we are going to ATH. Nest step to make it, need 4hr candle to close above .01338506.
Scenario 2: We retest the 200 MA which would require couple S/R zones to be broken.
day or two
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I'm long on NEO and don't trade intra day but I thought I'd take a stab at a scenario trade.
Using Fibs:
Scenario 1 Plays out: Enter (buy) at .0151800 Profit % at .017000, .02100000 Take Profit: .02595205
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here is the screenshot
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zoomed out a bit more for context overall
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Day Chart
- current candle hanging below the .0124 mark, would like a close above but will be looking for .0121 to hold since it currently providing support and the trendline (just added today). I think adding that trendline adds in a nice little triangle. If that is true, I'll look for that .0121 hold and spring off the trendline north to retest .0129. Close above and confirmation we may start a climb.
Price Action - 4hr - 15 min all look like price is being pulled down to the .0121. Slight look on 1hr down, that bull candles are forming. This may indicate our touch of trendline and a move back to resistance.
Move: Wait for day candle today and tomorrow to see next direction.
I'm hoping this one plays out.
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Day chart shown
So the weekend shows us some downside for NEO overall but we have a bullish candle starting to form on here. We'll need to see this candle maintain and close above .0124 to confirm support. If we are lucky we get a retest of resistance at .0129 and a break/close above it.
Current thoughts on trend 4hr chart is testing resistance at .0129. This resistance lines up spot on with the 36 day MA adding resistance. We'll keep an eye out to see if we can climb and close above .0129 which should translate back out to the day. Price tested the trendline as support. Current consolidation will continue until a breakout.
Imagine that chart without the massive spike in the Fall that resulted from increased awareness/hype and the resulting influx of money that poured in at that time. Would form an absolutely perfect bowl. Great analysis of the situation. Hope this is the case.
tripjscrypto
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@CincyONU, That is so true. You and me both on this one playing out. I'm not a pattern trader and funny thing is this is the first time I've attempted to call it. :) . I'll be patiently watching those day charts close out..