Distorta
Long

Neo testing pendant pattern amid bloodshed

BITFINEX:NEOUSD   NEO / U.S. Dollar
Neo has major resistance at around $146. If Neo verifies the pattern by not falling below $114 then the price break out will be before the end of February around $124 and will confirm once the $146 resistance is broken. If this trend follows the Fibonacci speed resistance then Neo will reach $250 by the end of April and will test peak resistance at $198 the end of March. May the force be with us.
Kommentar: I was skeptical of this pattern confirming considering the next support being broken in a 15 min time scale and below. However, this analysis is focusing on a 24hr time scale and the price action recovered above the support line at $114 and $98. $114 will be tested for the next several days and may continue on into next week. I noticed that the candle shadows are really strong and indicate a possible rally mid next week.

The formation of one or more tails at, or near, an area of support (bullish shadows)
Kommentar: This pattern is breaking. However a falling wedge is definitely in the cards.
Kommentar: The whole market is being dragged down by Bitcoin and we are in a bear market. We are going to have to wait until all this FUD from weak hands stops.
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