NEO Breaks Down, But Also Up! (What?) + Litecoin
NEO Breaks Down, But It Also Broke Up!
I posted earlier about a NEO triangle breakout that was forming against the USD pair, and we can now see how it played out:
Sadly for those trading NEO against the USD, the result of this particular triangle was a break downwards.
It Also broke Up...
I also checked NEO against the BTC pair and found this:
A similarly shaped triangle had formed on the NEO/BTC pairing, but in this instance we saw NEO gaining ground on BTC after breaking upwards.
It's funny how it goes!
Litecoin
I'm also somewhat sad to report that Litecoin has broken through two of its support levels as we can see here:
The second level at around $242 isn't the best support level I've ever drawn (it was a little difficult to pin-point exactly), but we can see that the $260 level was breached earlier today and the $242 level has also followed suit.
The Correction Continues!
I haven't gotten around to charting Bitcoin yet, but I will try and get that done tomorrow for sure!
If you've seen any more great TA posts today, or have any interesting comments on Litecoin, NEO or Bitcoin then feel free to leave them below!
Thank you for your charts and analysis. What do you think of GAS? Some people think it is undervalued compared to NEO. Triangles are for me more an indication that the traders are waiting for a direction to occur. When the triangle breaks it is not so important where the first breaks happens it is more important that the resistance or supportlines that are outframing the triangle get broken...thats the signal to trade!!! @masterthematrix
No problem @cryptoheads!
I can see why some people would think GAS could be a better investment short term, but I personally prefer NEO. You can get the best of both then.
I think the reason people think GAS is undervalued because the supply is pretty low right now, and you need a lot of GAS to launch a smart contract on the NEO platform.
It might be an idea to have both, just in case development on the NEO chain ramps up and the need for GAS increases.
Thanks for your thoughts on the Triangle patterns too! I'm still learning as I go along. :-) That is very interesting tip! Will keep that in mind.
Upvoted via steemfollower. Good charts with breif details