We can see that NEO made a 5 legs up, did an ABC correction and alreay touched the target box at C. After touching C, it looks like an attempt to break out of the downtrend (yellow trendline), tested the blue trendline and failed. RSI downtrend didn't break either. Looking at the whole market, I would advise to stay out of NEO for the time being and wait for a confirmation that it's starting a new uptrend. For now,(based on my rules) I don't see reasons to go long from here. A deeper test into the targetbox may happen......
I will update when I see better conditions.
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After a fresh look at the chart, I've come to the following which makes it a lot clearer to me: We've seen a 5 legs up, followed by an ABC correction which already retraced (just) enough to hit my usual targetzone based on fibonacci. This downtrend (abc correction) looks like a big bullflag to me and its just a matter of time before it breaks out to the upside. Tradingadvice: wait for a clear breakout, check my link below "how to trade breakouts"
Thank you for your informed analysis of the various crypto charts. Your explanations are much better than most commentators and very refreshing. Cant wait to pick up more tips from an experienced trader like your self.
chuntug
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Nice one Ed! Nice update. Saw the flag forming too :)
janoslav
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thanks for sharing!
jeremyalain
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I was struggling to figure out what is going on with NEO. Thanks for the update! I look forward to your future thoughts as this develops!