On the 4-hour chart, the price action of NEO coin was moving in a pattern and as it is a reversal pattern, therefore, the price action eventually broke down the support of this but so far did not hit the targets of this pattern and moving sideways:
On the other hand, if we take a look at the Bitcoin chart, then on the daily time frame after breaking down the support of the rsing on the daily time frame, the bitcoin is also moving sideways. Therefore the NEO is also following the move of Bitcoin .
Support and resistance levels and SMAs:
On the weekly time frame chart, it can be clearly seen that after being rejected by the $130 the price action has moved down at $29 to $30. This is very strong supports and because previously it has been working as a as well.
The priceline of NEO is also moving around 50 on the weekly time frame chart and after 50 there is also 100 above the support of $20.
On the weekly time frame chart, NEO has formed a pattern. The 1.13 Fib level is in the negative territory, therefore it is not possible for the priceline to move there, however, there is strong support at $12.50. Therefore, we can set the buying zone accordingly as below. There is also 100 support in the buying zone which can be used as a stop loss for the long-term trade. The buying and sell targets as per this pattern can be as below:
Buy between: $26.08 to $12.50
Sell between: $51.64 to $110.057
As per the above targets, this trade has a big profit possibility up to 780% but if you consider the buying zone max up to 100 then profit possibility can be upto 390%.
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