Neo has been one of the best performing altcoins in the last days.
Since christmas it has followed an ascending trend channel and at last surpassed even the fib retracement at 100%.
It has just touched the upper limit of the trend channel and I can imagine three different scenarios at the moment, within the first has very low probability.
1) price breaks through the trend channel and rises further to new highs; this would end the trend!
2) price consolidates above the fib retracement and stays inside channel
3) price breaks support and falls back below the fib retracement - but stays in trend channel
Indicators (4h-candles) as MACD and RSI are still positive - but turning.
Volume is falling.
I see scenario 2 or 3 with most probability - and if volume isn´t coming back scenario 3 is even more probable than 2.
good case: consolidation on the actual level
bad case: falling prices to prices around 78$ or below
Volume is important!
Since christmas it has followed an ascending trend channel and at last surpassed even the fib retracement at 100%.
It has just touched the upper limit of the trend channel and I can imagine three different scenarios at the moment, within the first has very low probability.
1) price breaks through the trend channel and rises further to new highs; this would end the trend!
2) price consolidates above the fib retracement and stays inside channel
3) price breaks support and falls back below the fib retracement - but stays in trend channel
Indicators (4h-candles) as MACD and RSI are still positive - but turning.
Volume is falling.
I see scenario 2 or 3 with most probability - and if volume isn´t coming back scenario 3 is even more probable than 2.
good case: consolidation on the actual level
bad case: falling prices to prices around 78$ or below
Volume is important!
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