TOP DOWN ANALYSIS ON NEOUSDT
Note
On the daily timeframe, market has been on a strong bullish run since March till date. Again, we can also see two respected support and resistance zones accompanied by a head and shoulder formation which price had broken the neckline and currently in for a retest.
Note
On a 4 hour timeframe, we can spot the down trending channel. The small red zone that has been marked out is an obvious fake out. Price is currently at resistance of the channel which is also the confirmed resistance zone.
Note
Evidences on daily and 4 hour timeframe proves that the odds that the market will be bearish on a long term is much higher. However, it is very important to make sure you manage your risks on whatever trading decisions you intent to make with live funds.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.