NEO USD Bullish
NEO:USD appears to be in a good position to enter a long-term position or a short-term trade.
On the one hour chart
After bottoming out in an Adam and Eve buttom over the past weeks we can see that it has now broken out in what appears to be a cup and handle formation.
Currently, NEO is trading around 72 USD with lots of short order that are currently underwater. If the price pushes a bit higher this will likely trigger a lot of buy stops which will push the market higher.
In the current trading level, we can see that longs outweigh shorts by volume which also indicates a bullish momentum.
I will buy in and go long around 65-70 USD.
Good Luck Traders! :)
On the one hour chart
After bottoming out in an Adam and Eve buttom over the past weeks we can see that it has now broken out in what appears to be a cup and handle formation.
Currently, NEO is trading around 72 USD with lots of short order that are currently underwater. If the price pushes a bit higher this will likely trigger a lot of buy stops which will push the market higher.
In the current trading level, we can see that longs outweigh shorts by volume which also indicates a bullish momentum.
I will buy in and go long around 65-70 USD.
Good Luck Traders! :)
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