Market Analysis and NEO Coin Technical Analysis
🔍The market is still ranging, and we are waiting for our triggers to be activated before opening positions.
📆Coin of the Day: NEO
About the Project
NEO is one of the older projects in the crypto space with its own blockchain, currently ranked 85 on CoinMarketCap, and part of the top 100 coins.
🧩Technical Analysis
4-Hour Timeframe
This analysis is for trading in futures, examining different scenarios.
♟Support and Resistance: After a bearish move, the price has found support at 14.39. Since then, the price has been ranging, with three touches at this support level. However, no single high has formed; instead, there are two resistance levels at 15.88 and 16.91.
📉Bearish Scenario: If a candle closes below 14.39, the next bearish phase might start, with the first support target at 13.31. A break below 35.47 on the RSI could confirm the bearish momentum.
📈Bullish Scenario: If the price breaks above 15.88, we can look for a target at 16.91. A break above 16.91 would set the next target at 19.17. A break above the 50 level on the RSI could confirm the entry of bullish momentum into the market.
Volume Analysis
The market volume has been steadily decreasing, and since today is Saturday, the volume is especially low. Lower volume indicates that the next market move could be very sharp.
👨💻Trading Positions
Long Position
Entry Trigger: Break above 15.88
Strategy: Open a position on the break of 15.88 and wait for confirmation from the price to set the target. Consider closing the position or taking profits based on price action and market conditions.
Short Position
Entry Trigger: Break below 14.39
Strategy: Open a position on the break of 14.39 as this is a very critical level in the market. After the break, this level could provide a good risk-to-reward ratio.
📝NEO is currently ranging within key support and resistance levels. Traders should watch for breaks of these critical levels to open positions. Volume analysis suggests that the next move could be sharp due to the low trading volume, especially on a weekend. Long positions should be considered above 15.88, while short positions should be considered below 14.39. Always keep an eye on the RSI for confirmation of momentum in either direction.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
🫶If you enjoyed this analysis and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
📆Coin of the Day: NEO
About the Project
NEO is one of the older projects in the crypto space with its own blockchain, currently ranked 85 on CoinMarketCap, and part of the top 100 coins.
🧩Technical Analysis
4-Hour Timeframe
This analysis is for trading in futures, examining different scenarios.
♟Support and Resistance: After a bearish move, the price has found support at 14.39. Since then, the price has been ranging, with three touches at this support level. However, no single high has formed; instead, there are two resistance levels at 15.88 and 16.91.
📉Bearish Scenario: If a candle closes below 14.39, the next bearish phase might start, with the first support target at 13.31. A break below 35.47 on the RSI could confirm the bearish momentum.
📈Bullish Scenario: If the price breaks above 15.88, we can look for a target at 16.91. A break above 16.91 would set the next target at 19.17. A break above the 50 level on the RSI could confirm the entry of bullish momentum into the market.
Volume Analysis
The market volume has been steadily decreasing, and since today is Saturday, the volume is especially low. Lower volume indicates that the next market move could be very sharp.
👨💻Trading Positions
Long Position
Entry Trigger: Break above 15.88
Strategy: Open a position on the break of 15.88 and wait for confirmation from the price to set the target. Consider closing the position or taking profits based on price action and market conditions.
Short Position
Entry Trigger: Break below 14.39
Strategy: Open a position on the break of 14.39 as this is a very critical level in the market. After the break, this level could provide a good risk-to-reward ratio.
📝NEO is currently ranging within key support and resistance levels. Traders should watch for breaks of these critical levels to open positions. Volume analysis suggests that the next move could be sharp due to the low trading volume, especially on a weekend. Long positions should be considered above 15.88, while short positions should be considered below 14.39. Always keep an eye on the RSI for confirmation of momentum in either direction.
🧠💼It's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2.
🫶If you enjoyed this analysis and want to support me, please boost this analysis. Feel free to leave a comment or suggest a coin you'd like me to analyze next.
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