NEO short term scalp

NEO just broke out of the falling wedge with bullish volume suggesting a strong rally. Further RSI raised from oversold to above 50 in just 4 days. Eventhough the short term charts 1H, 4H are bearish, long term 1D chart is still bullish as it is above 9EMA and RSI above 50.


NEOBTC created a upper wicked doji yesterday suggesting strong rally has exhausted. retest of the recent high might be in cards if 0.5 fib level holds.


AS the short term charts are looking bearish look for an entry near the 0.5 retracement (currently the downtrend line is placed there). Entry point would be when bullish divergence gets created in 1H around 0.5 fib level. Buy there for a retest of 50 DMA. Stop you losses if it drops below 33.5. Have neousd daily chart 9EMA too in mind. Happy trading :)