NEO:BTC - More Upside? Need to see some Consolidation or Heavy Buying!
NEO up ~40% - does she have more in her
NEO:BTC
daily
NEO formerly ANS had gone for quite the run, from $5 to $53 upon rebranding and marketing of the ability to use NEO to run nodes to collect GAS - Jargon translated - it pays a dividend and so there is reason to keep this one on your watchlist.
On the daily time frame, upon hitting the $53 mark, price in both USD and BTC, NEO formed a HEAD & SHOULDERS pattern, too classic to ignore and while this triggered a downtrend, recent news that rattled the entire crypto market saw it take a steep dive into the low $20's
Not the RSI didn't quite reach oversold before spiking on some volume as the stochastic RSI on the daily time frame has resolved into the downtrend area. We are watching for more volume to come in and push this through the downtrendline for more upside.
4 hour
On the 4 hour time frame we see the NEO:BTC low was exactly pivot support 2 where dip buyers came in and have triggered a steep rise in the stochastic RSI as well as the price. This is very condusive price action. However, NEO has found resistance off of a downtrend line that extends off the previous highs, and while the 4 hour looks like it has more room to run, we are going to look for breakout confirmation and/or a dip to buy.
5 min/15min
On the 5 minute chart we see that NEO:BTC is consolidating in a bit of a bullflag pattern on low volume and holding the 30ema. This is very good and what we are looking for. When we look to the 15min, however, we make note of the extended stochastic RSI. I will be looking for a pullback or continued consolidation. Patience will pay here or prevent you from taking a loss. The ideal after consolidation is a break above that trendline on heavy volume. Converseley a dip to buy, if the price falls drastically we will be looking for an oversold RSI to make out entry for a trade.
TRADE: take position at the 68ema, set stoploss 1-2% below
ALTERNATIVE: Wait for breakout confirmation above the blue trendline, and ride it for a scalp
RISK TRADE: Enter here, add lower. Set loose stop loss as i expect volatility.
Previous Articles:
Trading Vs. Investing
Bitcoin
Weekly Overview
ETHUSD
bullish setups
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
After the blood bath, NEO is now healing soon become much better.
hahaha lets not fall in love just yet, but i see progression, however there was a bit of dirty action, someone sold below bid to gap the price down and kick out stop losses. Makes it even more interesting because as far as I know you can't short this one.
You're absolutely right @satchmo.
Good TA analysis, im gonna be cautions when buying NEO.
Thanks for sharing
Thanks, my thoughts exactly, which is why i want to be patient with this one and look for the buyers to show up! Thanks for your comment!
I like your posts, I wait for your next post
thanks :-)
Excellent updates! Keep it up. Up voted
Another insightful post, thank you !
thanks very much friend :)
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those have high rank on steemit are selfish .. they do not give upvote to those post of steemers(users of steemit) that have lower steem power or steem ... very unfair ! SAD ;(
lifes not fair, now don't spam my work with your plees for sympathy plz.
I vote on any content i like, regardless of who wrote it.
I'm bullish on NEO, QTUM, etc. There is no way a proud nation like China is indefinitely going to ban ICOs and get left behind by the rest of the world with all the innovation that is going on. Needless to say really but blockchain is the future.
Rememeber when they were going to ban bitcoin in China.. the price dropped alot didn't it?
Now i wonder if those rich Chinese generals, leaders and bankers wanted to get some cheap NEO?
Not saying they did.. but sounds to me like an easy billion could be made :P
I gotta ask everyone this.
Why did NEO go up?
Most would say because it got listed on the Korean markets.
Did NEO buy up another company? Did it earn another billion this year extra? Did it just get that big government contract?
No.
These are things that would make real companies increase in price.
For some reason it just goes up because its being traded more.
Sounds like a recipe for disaster.. buying on speculation and hype.
Of course it was going to go down. That's why i sold at 52.
But i feel that may be the biggest problem with the crypto markets.. is the high percentage of low information investors.
Easily swayed and manipulated.