NEO/USDT : Lower High Formation Signals Potential Reversal
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Technical Setup :
Trendline Breakout : NEO recently broke out of its H4 (4-hour) trendline, showing initial bullish momentum.
Lower High (LH) Formation : Price appears to be forming a Lower High, indicating possible bearish reversal pressure.
Correlation with Bitcoin : NEO’s price action is closely tied to Bitcoin’s stability. Any significant downturn in Bitcoin could amplify a bearish trend for NEO.
Key Levels :
Support :
$7.20 : Immediate support level to watch.
$6.80 : Key demand zone where bulls might step in.
Resistance :
$7.80 : Current LH region, critical to breaking for bullish continuation.
$8.50 : Major resistance if NEO regains momentum.
Action Plan :
Entry Strategy :
If NEO breaks above $7.80, look for a potential long trade targeting $8.50.
If Bitcoin shows weakness, consider shorting below $7.20, targeting $6.80.
Targets :
TP1 : $7.80 (Immediate resistance).
TP2 : $8.50 (Next significant level).
For shorts : TP1 : $7.00,
TP2 : $6.80.
Stop Loss :
For long trades : Below $7.20.
For short trades : Above $7.80.
Pro Tip :
Monitor Bitcoin closely for directional cues. If Bitcoin consolidates or trends bullish, NEO’s LH may fail, resulting in renewed upward momentum.
Advice to Investors :
Wait for confirmation of direction—either a breakout above $7.80 for bullish trades or a breakdown below $7.20 for bearish setups. Manage risk carefully and avoid overexposure to volatile market conditions.
Conclusion :
NEO's lower high signals caution as the market teeters between bullish and bearish scenarios. Bitcoin’s stability will play a pivotal role in defining NEO’s next move, making it crucial to watch broader market sentiment.