KEY 🗝️ OBSERVATIONS:
1. Price Action:
The price is trading at $16.93, up +7.56% in the last 24 hours. It has tested a low of $15.61 and a high of $17.73 in this period.
2. Moving Average (MA):
The MA60 (17.05) acts as immediate resistance. The price is currently below this level but appears to be retesting it.
Short-term MAs (MA5 and MA10) show momentum increasing as the price approaches the resistance level.
3. Volume and MACD:
The green volume bar indicates increased buying activity, which suggests bullish momentum.
The MACD histogram is turning positive, with the DIF line crossing above the DEA line—a bullish crossover.
TRADING STRATEGY:
1. Long Trade Setup (Bullish Bias):
Entry:
Enter if the price breaks above $17.05 (MA60) with confirmation from increasing volume.
Stop Loss:
Set a stop loss at $16.40, just below the recent support zone.
Take Profit Levels:
Target 1: $17.73 (24-hour high).
Target 2: $18.50, based on the next significant resistance level.
Target 3: $19.20, a potential breakout level.
Plan B (If the price fails):
Exit the trade if the price falls below $16.40, indicating a rejection.
2. Short Trade Setup (Bearish Reversal):
Entry:
Enter if the price rejects the MA60 at $17.05 and falls below $16.60.
Stop Loss:
Set a stop loss at $17.10, just above the resistance level.
Take Profit Levels:
Target 1: $16.00 (recent support).
Target 2: $15.50, next support area.
Plan B (If the price rebounds):
Exit the trade if the price reclaims $17.05.
CONTINGENCY PLANS (Plan A& B):
Plan A: If the market remains range-bound between $16.50 and $17.05, consider scalping with a tight stop loss.
Plan B: Watch for a breakout above $17.73 for further long opportunities or a breakdown below $16.00 for aggressive shorts.
ADDITIONAL TIPS:
Monitor the RSI or stochastic oscillator to confirm overbought/oversold conditions.
Keep an eye on Bitcoin's movement, as it can heavily influence NEO's price.
Would you like further analysis or help setting specific trading alerts?
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