HughGRection

Bullish Pennant forming in NEO

Long
BITTREX:NEOBTC   Neo / Bitcoin
A bullish pennant appears to be very near completion. A break from this wedge will be coming soon regardless of direction. This is generally a bullish symbol though, and NEO appears to have a lot of momentum still behind it. Also, NEO has retraced completely to the 61.8% Fibonacci line from it's most recent rally. The 50-61.8% lines tend to be the full retracement necessary for continuations on bullish rallies, especially in cryptocurrency. The first profit target is near the recent swing high. We will almost certainly see a retracement from there if it goes that direction. With the right conditions from there I'll be looking to the Fibonacci extensions labeled above it along with previous pivot points in this range. A break below the bright blue line at the low of the pennant will invalidate this trade setup. It is entirely possible to see a "fakeout" back towards that low before moving higher if this doesn't break straight up. If you're not already in it, please keep this in mind and don't ride it below the pennant low.

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