NEOBTC Range Trading| Structural Resistance| Low Volume Hello Traders!
Welcome to another update, today’s chart will be on NEOBTC, currently trading range bound where a break bullish will put emphasis on a clear higher high and a probable trend change.
Points to consider,
- Range bound trading
- .50 Fibonacci level – strong support
- Structural resistance being tested
- Stochastics in upper regions
- RSI respecting support
- Volume below average
NEOBTC is as of now attempting to break structural resistance which is in confluence with the .236 Fibonacci level, a break will put in a higher high in the immediate trend.
The .50 Fibonacci level is current support which has been tested multiple times, but to be backed with buy pressure coming in.
The stochastics is currently trading in the upper regions, can stay trading there for an extended period of time, however lots of stored momentum to the downside. RSI is respecting its local support (around 38), currently trading in neutral.
Volume is clearly below average, an influx is required to break key levels successfully otherwise fake outs are highly probable – evidently on fist attempt.
Overall, in my opinion, NEOBTC needs to break from its range bound trading, a break bullish will increase the probability of a macro trend change, and this is more likely as NEO is trading above key moving averages.
An important metric to monitor is volume, which is well below average, NEOBTC needs an influx for continued follow through.
What are your thoughts?
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And remember
“A quiet mind is able to hear intuition over fear.”
― Yvan Byeajee
