Welcome to this quick review of NEO/BTC
We see that NEO has seemingly found the base of its H&S pattern from February, nicely coinciding with the 38% fibonacci level or 0.00700000.
Note that the Stoch RSI is showing oversold and similarly on most hourly time scales. There is not enough momentum to push it up. If it does, some key levels are the 50MA (in green) and the descending trending resistance (in blue). Nonetheless, you might notice a Death Cross printed on the Moving Averages.
In summary, i would wait for NEO to come back down to the 23% fibonacci level or 0.00500000 to err on the side of caution. We sure love our 'big evens'. My stance is relatively bearish in the short-mid term and there is little evidence of a good trade set-up here.
Happy trading :)
*Not financial advice*
We see that NEO has seemingly found the base of its H&S pattern from February, nicely coinciding with the 38% fibonacci level or 0.00700000.
Note that the Stoch RSI is showing oversold and similarly on most hourly time scales. There is not enough momentum to push it up. If it does, some key levels are the 50MA (in green) and the descending trending resistance (in blue). Nonetheless, you might notice a Death Cross printed on the Moving Averages.
In summary, i would wait for NEO to come back down to the 23% fibonacci level or 0.00500000 to err on the side of caution. We sure love our 'big evens'. My stance is relatively bearish in the short-mid term and there is little evidence of a good trade set-up here.
Happy trading :)
*Not financial advice*