The price is on correction and forming a which is a continuation pattern. The is fulfilled when it breaks above of the top line and hits the target.
Length of the pole is showing us the target where the price is heading to if the pattern breaks. Also we have to take in consideration partial profit target that's giving us feeling of safe money managing (which is important in trading) and only small percentage should be used for this. So when we draw vertically a line from the highest point of the flag (itself) next to the lowest point. The line we just draw gives us the length of the partial profit target which is around 49usd.
will be tested around 38 level and if the price bounces off from this level it confirms that the markets wants to move further up.
NEO have none or weak supports in between of 38 & 30 levels and that's the reason why stop orders should be set at 36 level in case of price falling in the value.
Confirmation for further upward movement the price has to break 45.5 and buy orders should be set here.
Buy: 45.5 level
Partial profit: 49 level (Small amount should be sold in here)
Main profit: 61 level
Stop-loss: 36 level
Note this is a long term trade!
Things to remember:
- To trade safely we need to use stop losses in case something goes wrong.
- Note this is a long term trade! Requires patience and flexibility to adjust the sails of the market movement.
- Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
It's better to wait than to regret. This is important when you are doing long term investments! Knowledge behind of your trades gives you success, more often!
Any questions or need help? Feel free to leave comments and feedback!