We recently discussed waiting for NEO/BTC to pull back after a strong surge during the 11/17-11/18 sessions.
- First observation is the strong surge. It sets a bullish tone.
- Secondly, price is holding above the 200- and 100-period simple moving averages in this 4H chart, which also maintains the bullish bias in the short-term.
- Now after the correction, price has been essentially cooling off in a triangle.
- I think we can try and enter just above a common local support pivot at 0.0048.
Trade Plan with Reward to Risk:
- Entry: 0.004850
- Stop: 0.004460 (-8.04%)
- Target 1: 0.005400 (+11.34%)
- Target 2 0.006000 (+23.71%)
- Target 3: 0.006500 (+34.02%)