ITSCRYPTO1

NEOUSDT - Short term correction? Before more continuation higher

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BINANCE:NEOUSDT   NEO / TetherUS
Neo on the weekly timeframe is starting to provide us with a correction, on the daily timeframe price brokeout above the resistance yesterday inducing buyers into the market and then broke straight back below confirming the move was a fake out and a bulltrap. Now what we can see on the 4hr the price closed back below structure and we now have the possibility of forming this H/S formation, we are waiting on the right shoulder for entry confirmation so we need to see multiple rejections at this zone before we potentially look at opening a short to catch this intraday corrective move to the downside our first target will be the ascending trendline support second target will be the low of the wick on the weekly timeframe.

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