NEO / TetherUSLong
NEO/USDT (Chart 2 of Training Log)
NEO vs USDT is playing a similar pattern to what bitcoin is doing against the USD.
I assume the strong coupling of ALTcoin performance to what ever BTC is doing is the reason for the charts looking similar.
Now.... In this chart a clear WEDGE pattern is coming to a crucial point. There have been many bounces off the identified support line. This support line is validated by the fact there are several candles / wicks bouncing off of it and the fact we had price "fake-out" or "fake down" occur during the beggining of april where price breifly closed below the support line for a few days before resuming above.
The Diagonal resistance line has been tested 5 times so we know that the trend line is valid and will have extremely volatile price action once the wedge pattern finished playing out.
The RSI has been hovering around the oversold level for a month now and coupling that with the On Balance Volumes decent which is slowly decreasing in momentum.
Progressively lower volume on the charts reflecting the bearish price action in addition with the RSI being oversold and the OBV looking like its reversing leads me to believe we are nearing the end of the current downtrend. The price action all depends on what BTC decides to do against the USD, at the moment we are hovering above the crucial support line with NEO/USDT.
In summary i do not see this falling down much further. We could have a breif price breakdown before the next uptrend as big players look to get some long liquidity from the stop loses located just below the support line.
If i was trading this chart i would keep an eye on it and look to layer in some buy bids if you were so inclined to open a long position on NEO/USDT
I assume the strong coupling of ALTcoin performance to what ever BTC is doing is the reason for the charts looking similar.
Now.... In this chart a clear WEDGE pattern is coming to a crucial point. There have been many bounces off the identified support line. This support line is validated by the fact there are several candles / wicks bouncing off of it and the fact we had price "fake-out" or "fake down" occur during the beggining of april where price breifly closed below the support line for a few days before resuming above.
The Diagonal resistance line has been tested 5 times so we know that the trend line is valid and will have extremely volatile price action once the wedge pattern finished playing out.
The RSI has been hovering around the oversold level for a month now and coupling that with the On Balance Volumes decent which is slowly decreasing in momentum.
Progressively lower volume on the charts reflecting the bearish price action in addition with the RSI being oversold and the OBV looking like its reversing leads me to believe we are nearing the end of the current downtrend. The price action all depends on what BTC decides to do against the USD, at the moment we are hovering above the crucial support line with NEO/USDT.
In summary i do not see this falling down much further. We could have a breif price breakdown before the next uptrend as big players look to get some long liquidity from the stop loses located just below the support line.
If i was trading this chart i would keep an eye on it and look to layer in some buy bids if you were so inclined to open a long position on NEO/USDT
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