NEOUSDT Falling Wedge| .618 Fibonacci| 200 MA| Range Mid

28 set 2020Evening Traders,

Today’s analysis – NEOUSDT- price is closing on its apex where a break to the upside is probable.

Points to consider,
- Trend falling wedge
- 200 MA Support (.618 Fibonacci Confluence)
- Range-Mid Resistance
- Oscillators Neutral
- Volume below average

NEOUSDT’s immediate price action is trading in a falling wedge. This typically is a bullish pattern once resistance is broken.

The 200 MA is in confluence with the .618 Fibonacci, this adds to the probability of a bounce being probable for NEOUSDT.

Range-Mid is the immediate resistance; Price Action breaking this level will increase the probability of taking out swing high.

Both oscillators are currently trading neutral whilst the volume is currently below average. An influx is probable when breaking the falling wedge for confirmation.

Overall, in my opinion, NEOUSDT is a valid long with defined risk; Price Action is to be used upon discretion/ management of trade.

Hope this analysis helps

Thank you for following my work!

And remember,

“There is a huge difference between a good trade and good trading.” – Steve Burns