NEO Break up or down? Ascending triangle|Structural Resistance

5 mar 2020

Evening traders,

Today’s technical analysis will be on NEOBTC which is testing its critical structural resistance that needs to break for a bullish bias

Points to consider,
- Structural resistance in confluence with .382 Fibonacci
- Respecting ascending support line
- RSI testing its resistance
- Stochastics in lower high projections
- Volume clearly declining

NEO is testing an important level where a break will negate key technical indicators and change the overall maker structure.

The Ascending support line that is being respected puts emphasis on a probable ascending triangle as NEO puts on consecutive higher lows.

The RSI is near its apex where it must break its resistance for a bullish bias. Stochastics is currently neutral with stored momentum in both directions, it is however trading in a lower high projection.

The volume is clearly declining signalling that an impulse move is imminent, which is true as NEO is in a trade location.

Over all, in my opinion, NEOBTC is probable to break structural resistance, it needs to close above with a retest to confirm an S/R flip.

What are your thoughts?

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And remember,

“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee