NEO, 9/30/2020: Head & Shoulder in making?
Note: THIS IS NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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In my technical analysis on September 24, 2020, I have been bullish on this coin but right now I'm seeing signs of reversal of the trend. I noted two weakness in Daily Time Frame on my last TA on this coin, namely: (1) the Bearish Divergence on RSI ; and (2) Bearish Divergence on MACD . It seems like this divergences is in play. As of the moment is trying to break the "Uptrend Continuation Trend Line " (Blue) and MA 50.
Play attention also on US Dollar Index & S&P 500 on their inverse correlation as it affects cryptocurrencies.
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Analysis
Weekly
On RSI , there is bearish divergence with the price. The Stoch RSI is in convergence with the price to go down. On MACD , 2 weeks sellers in control. The EMA 9 (Green) and SMMA 60 (Skly Blue) is acting as a support. I think $ 16 to $ 20 will be the trading range in the next weeks
Daily
Explanation in the charts. I think, we are now in a distribution stage - Profit Taking time for holders.
Four Hour
All indicators is on convergence with the price to go down. Trying to break below or moved up to the "Uptrend Continuation Trend Line"
One Hour
Moving Averages is acting as resistance. On RSI , it's bouncing between 50 and 30 Level. On Stoch RSI , forming a bearish convergence and bearish divergence. On MACD , very unreliable as of the moment. So, on a declining stage in this one hour time frame.
Donation (It's up to you)
If you want send some crypto, I accept Bitcoins .
: 1J6QyeubuTtDd9vs7B7kFhmSzjWM1K827T
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NOTE: Not a Financial Advice to BUY/LONG Or SELL/SHORT
For Educational Purpose Only
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