Neo Analysis 3/5/18: 30% Drop Confirmed As Expected, What Now?

beyondthehodl (28)in #neo • 6 years ago (edited)

Welcome back for another #Neo analysis!

I would have to start off by saying this was another successful call made with our private students! We are not always right and no one can ever be, but using strategies and thinking like the big players do — what some people call whales — we are able to choose levels that offer the highest probabilities of success.

With that being said lets get to it!

Last time I wrote a post, i said,

“After consolidating on this level ($108.80) for a few days prices saw an explosive move higher and now we are on our way towards the targets where the next expected resistance is found. This zone should be found between $147.00 – $154.00, if we can see some weakness here then we might be in store for a good sized retracement.”

As you can see in the picture above we had two scenarios that could of happened, in one we had a zone that we would have expected some resistance inside of and in another we would of broken those levels and we would of seen new all time highs. However, as It turns out we did indeed experience a strong retracement which resulted in a drop of ~27% and I believe that we are due for a bit more of a correction. The down move came with no surprise as we had reached a strong premium area where a lot of selling should of been found.

So the question becomes, what next?

I know that right now a lot of #Neo hodl’ers are starting to doubt their investment and are worried because this was one of the few cryptos this week that was in the negative while many others in the top 10 were rising. I am here to tell you that this was completely expected as you saw in my comments from the previous post and that this is completely normal. If anything this is the healthiest thing that can happen for this coin if we do indeed want to see higher prices.

With that in mind, let us begin to try and find some support levels where we could potentially see some bullish prices from. First, I would need to see this support level that caused the large move higher at $108.80 give out, but if this down move we have seen has given us a clue of anything is that it’s very strong and aggressive so I don’t see that ending yet. After that the nearest support zone is found between $93.00 to $83.00 and this is what I would expected to be the low of this retracement. Anything more than this and then I would have to rethink my bullish stance in the near term for this because I would see a free fall to as low as $39.

Like always the future of this NEO analysis lives and breathes by what our friend #Bitcoin decides to do, so I will keep a close eye on it. So make sure to stay tuned and keep checking up on our analysis!

Check out the original post: https://beyondthehodl.com/neo-analysis-3-5-18-30-drop-confirmed-as-expected-what-now/

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Original Article: https://beyondthehodl.com/neo-analysis-3-5-18-30-drop-confirmed-as-expected-what-now/

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