What Is The Price Of NEO (NEO/USDT)? A Huge Uptrend On the Horizon? NEO – Top-Down Analysis!
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NEO is overall bullish trading inside the red channel and now approaching the lower trendline acting as non-horizontal support
Moreover, the green area is a horizontal Support.
So the highlighted purple circle is a very strong area to look for buy setups as it is the intersection of support in green and the red trendline.
As per my trading style:
I will be looking for potential bullish reversal setups on lower timeframes (like a double bottom , trendline break , and so on...)
And for the bulls to take over from a long-term perspective, we will need a break above the gray area covering the entire range / structure.
Unless NEO breaks the green zone downward aggressively, then it will become resistance again and a movement till the lower support would be expected (12.5 - 15.0)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
