NEO Price Breakouts from Descending Triangle
A few days back I posted about the price of NEO while looking at a daily chart. It didn't take long for NEO to show it's hand!
Upside Breakout
Looking at the chart, you see the descending triangle I drew a few days back. NEO busted through the descending line on a big candle with increased volume. That is the way we want to see it happen!
Trading Point of View
Granted I was hoping I could add more with another test of the $14-$16 area before a move higher, but I will take a breakout higher any day.
Given we got a "high and tight" candle (as my old day trading buddy used to say) following the breakout day, I added a little more at $26. After yesterday's consolidation candle, we are pushing higher thus far on the 9/27 candle.
High and Tight
For those who don't know what I am referring too. Basically whenever you get a big body green candle on a volume heavy breakout followed by a small tight candle that stays in the top third of that previous big candle. That's high and tight!
Odds favor that the price will move higher shortly after. Doesn't me it will, just means probability tends to favor it.
Outlook
Assuming NEO can continue trading higher, next target on the upside is the resistance around $31.
Best Regards,
I put the majority of my position in around $20 so I'm pretty happy with NEO the past few days :-D
Waiting for it to hit Ethereum-like growth one day!
The price is above $29 right now so it might blow right past that $31 resistance you speak of :)
Yeah, price action is strong right now. See if we can close this candle above there. I bought at many different prices, but a nice chunk was near $20 as well.
That's awesome news. A few weeks back, just before China declared Crypto exchanges would be shuttered, I started buying Neo as it was rising. In one of my WeChat crypto groups I said I didn;t think it would ever go lower than what it was at that moment. Then 2 days later China made that announcement and the coin started dropping. I felt bad because of what I said and to who I said it too. I did what any trader should do and admitted my mistake hoped for forgiveness. I still held as it was falling even now I still got it.
I'm happy to see this chart and hear your expectations. I will share this post with the group. Might save me some face. lol
Yeah, that's rough when that happens. After the big move up, I bought a bunch near $40 while it was consolidating (for what I was expecting a leg higher) and the floor dropped out the next day, ouch. I waited for my spots and was able to grab more at 19 and then in the 15's (which was nice).
Either way I'm holding this an investment till atleast triple digit prices.
Looks like the NEO going on the Korean exhanges is giving it a boost :-)
@solarguy Your listeners would appreciate your honesty. You told them what you believed. You don't have a crystal ball to see what policies a Government is about to release. I <3 NEO too...and hold for the long-haul.
Great analysis and based on what you were saying on your sow last night I cancelled my sell order.(of only 0.37 , the rest is staking). Im going to hang on and see how far it goes. Then dump those BTC into more ether mining hash
Oh boy, don't let me impact your decisions. I'm building a long-term position in this thing so even when I see a short-term top I won't be selling :-)
Good information..
Very good information bro. Upvote and I'm waiting for you to upload more content👌❤
Hope so, I'm holding since buying high.
I have bought at many different prices, but did have a high buy at $40. Luckily got some at lower prices too on the recent down move. I'm building a position for a NEO run at triple digits, be holding right there with ya!
$47 and $32 here, but yes still believing in it and still hodling. Best of luck with it!
Congratulations it's beautiful @scaredycatguide . Must feel great - that is a lot of work!
Good analysis, thanks for sharing
Nice chart! I've resteemed and upvoted your post. Steem on!
THE BUBBLE JUST POPPED
I must be looking at a different coin then you ;-)