NEO - backtest neckline, looking for break above on volume
BTC weakness is driving Alts
4 hour timeframe notice the curled stochastic RSI and increasing volume. Backtest of H&S neckline coming. then direction is chosen.
Edited: Adding 1 hour time frame snapshot.
1 hour time frame - note the coild up Stochastic RSI and big volume relative
Watch for continuation of volume, notice resistance is the 170 day moving average.
Trade: Wait for break back above neckline take position and set stop at 30ema 4hour
Risk Trade: Enter here and set loose stop 2-3 % - note there is some volatility.
Alternative: Wait for consolidation above neckline and more volume to trigger a move, scalp a run.
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
I like neo and I'm holding , got in early. But I really love OMG, it appears westerners are buying NEO , while the Chinese are buying OMG. Just what I've heard.
Great post as always btw
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I dont pay attention to that stuff to be honest. I only care about the charts -- maybe ill take the time to learn the value proposition of a coin if i hear an overwhelming amount of chatter, or have passivley picked up some news in the past. Thanks for commenting and the kind words!
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