NEO Swing trading update: cute cat pictures trigger bullish market sentiment

in #bitcoin6 years ago (edited)

The theme for today's post is kitties. Thought it might add minimal entertainment value if you don't like my writing style or analysis.

On another note, there is a link to a BTC faucet at the end of all my posts. Those little bits of BTC might not be worth much now, but as they are free, they are probably worth collecting. I've been using the faucet for almost 2 years with 2FA enabled and haven't had a problem with it. I automatically receive small amounts of BTC to a wallet each week for occasionally tapping the button....take a look

NEO Swing Trading (finally...jeeesss...)

So the head and shoulders took the price of NEO lower as expected. We're currently heading south at quite some pace on the charts so I've cracked open the RSI now, as although the volume is very thin at the moment, it's still an item to check off on the list for most traders before opening a trade.

Reminder for those that didn't follow my blog from the start of this trading experiment, my starting price per NEO was 214k Satoshis and I'm looking at roughly 0.1% fees for any trades I make, so I gotta make em count! I don't have the trades setup yet as I'm using the Pitchfork tool to execute buy/sell orders, but I will likely exit the entire experiment if we drop below 150k Sats.

Bored already?

I remain bullish on NEO and my swing trade experiment but expect that patience will be required. I feel I've bought close enough to the bottom of the market and that NEO has a lot of headroom to move up. The market may trend up, down or sideways for a while, but I still think I have room to trade the swings as they happen.

Up for more great trading banter?

Below is a more detailed view of what I feel are the most probable outcomes in the short-term:

N.B. it's currently Sunday so we're looking at lots of trading bots in the market rather than humans. Tomorrow will give a much better indication of the upcoming price action.

My primary call:

  • We hit the 200hour (4hourly) SMA but bounce up from it which triggers some decent volume in the form of buy orders. Chop around between 190kish Sats and up to 250kish Sats for the next few days minimum. We might see new highs compared to the recent 240k Satoshis, but the main point is that we're neither breaking out to move up or down with any significance.

Below is how the 4 hourly BTC/NEO (Binance) chart looks for this prediction (white lines are my examples/areas to watch):

My secondary call:

  • We contiNEO to domp right through the 200SMA and see the price break the recent market structure. If this happens, I will expect some heavy selling and momentum to take prices down into scary territories. Market Cap ranking will drop and headlines would be made as the market wonders "how much lower can it go before we are at 99% retracement?!".

Although I find this second prediction far less probable, it remains "possible" and if weak hands in the market that might be trying to swing trade like me get nervous, that "probability" would dramatically increase. I'd simply either exit my current position at an overall BTC loss or rough it out for a later date as I'm not time restricted.

No chart for this secondary call because....well, I don't like it much and we all know that we should run and hide from things we don't like......right?

Key things I'm watching:

  • RSI - it's currently down at 30 (Oversold).....the bots might be faking us out, but humans will like this
  • MACD - it can stay down for a long time (weeks for the 4 hourly chart), but with most charts for other cryptos also looking very "bottomish", a turn upwards could be really epic from where it currently sits
  • BTC - it's down, Reddit is awash with people hunting for whales and crying about not getting 1000x for a full year.....sounds good to me! If BTC takes a trip up to see Santa, many "good" alts could expect to hitch a ride behind it
  • Perspectives - I'm moving mainly between 1 and 4 hourly views for my swing trades, but looking also all the way out to weekly to keep informed of the longer-term trends.

Disclaimer: This is post only contains my personal views and opinions and is intended as entertainment only. It is not financial advice. You should always do your own research and only invest what you can lose to afford.

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