NEO NEO/BTC TECHNICAL ANALYLSIS 5/6/2018

Technical Analysis:

• NEO is working on the 3rd primary wave up on the DAILY CHART
  • 5 sub waves are expected in order to get to target 3 @ 22483 satoshi
• It has already broken out of the upper trend line
• Large (buy) volume spikes confirm accumulation
• Neo is using both the 55 and 200 EMA as support now
• RSI is trending up
• Resistance between 1100-1400 satoshi, but a break above 1500 satoshi will signal new all time highs
• This is a great set up for a swing trade (a few days to a week) or long hold (3-5 weeks if not longer)
• Not necessarily a set up for a day trade based on this analysis although an impulse move up is imminent and could happen at anytime 

ADDITIONAL NOTES:

• CHOOSE A TIME FRAME!
• Before buying any asset, it is very important that you decide how long you are willing to hold your position. You must decide if you are investing long term, swing trading (days/weeks), or day trading (minutes/hours). Otherwise you will loose profits. Once you have decided on your time frame, then you can gather the tools, data, and charts relevant to your purchasing decision.  
• The difference between investing, swing trading, and day trading.
  • Investments are assets one buys and holds for weeks, months, or even years. What happens to the price in between is irrelevant because the return on investment is not expected until X months or years later. An investor does not trade but instead, buys and simply holds their position allowing the asset to appreciate in value. As new buyers come into the market, investors holding their positions help increase the price of the asset when they hold their shares, and do not put it up for sale. Ideal for beginners getting into stocks or cryptocurrency, and does not require much technical analysis given enough fundamental research is done. This has the highest chance of a profitable return on investment. 
  • Swing Traders will buy and hold a position for a few days or maybe even weeks until their price target is hit or a stop loss is triggered. Great way to get into trading and a look at the 4 hour chart, 6 hour chart, and daily charts will give a great perspective into what may or may not happen to the future price of said asset. Some technical analysis skills alongside basic fundamental research will be required in order to successful here. An understanding of support, resistance, pattern recognition, and price action on top of the right game plan and habits can provide a profitable side income. 
  • Day Traders make multiple trades throughout the day and utilize 15min, 30min, and 1 hour charts in order to get the right perspective on their chosen time frame. A daily chart showing price action over the course of 8 weeks will not give a day trader the candles and information necessary to plan and play a day trade position accordingly. Strong technical and market analysis expertise is required in order succeed in this field, not recommended for beginners without proper training or trading experience. An adherence to strict rules and guidelines protecting capital and profits is what separates the day traders who make money, and those who loose it. Only 5% of day traders are profitable at the end of the year. 
  • ONLY INVEST AND USE MONEY YOU ARE ABLE TO LIVE WITHOUT.

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I am not a financial advisor, nor is this intended to be   financial advise. I encourage you to do your own research considering this blog is  a way for me to  document my own personal  analysis,   charts, trading decisions, and experiences. If you would like to learn more about trading, cryptocurrencies, and the resources I used to   learn  how to trade and invest, see my  previous post - LINK.