NEO Broke neckline H&S, target 78

30 apr 2018

Neo has formed a H&S formation since the pump this weekend. But now it has dropped below the neckline around 86 which could take price back to the 78 support level. Great risk reward trade! Risking $1/$1,5 to gain $8

H&S is a very reliable pattern, but in crypto and especially with Alts (where volume is low) they fail more often when the market is very bullish. This happened allot in 2017, so i use my stop loss just in case!

30 apr 2018

Nota

Above that red area around 88, the H&S gets invalidated. Doesn't mean it can't drop anymore, but for me it becomes a gamble than. I closed have with a $1 loss, closing the rest around 88.40

30 apr 2018

Nota

Think we get another chance here, seems like it broke out downwards our of a small triangle

1 mag 2018

Nota

As requested, an update.

So the H&S target was reached eventually at 78. Thing are still looking very bearish short term. Seems to be making a bigger H&S (less reliable though!). We can also a see a bear flag in the making, it's almost dropping out of ot which could take us towards the 70. There we have a very big support level, this should give support and COULD make an end to this correction. I think we are going lower because the whole market seems to be ready for a correction now since the big rally a few weeks ago