Why I stopped myself from dumping NEO
I was thinking about it. It was not that long ago that the webbot said NEO had the most growth potential in crypto space. Now that is saying something. It could be that it's over, because this went all the way up to 5TH on the crypto market cap list and made gains beyond my ability to do math, but still, it's not unprecedented in crypto space.
I was thinking about selling, and then looked at the charts, specifically the numerical indicator. (I had to switch to the BTC price to get enough history to use the indicator)
I'm going to look at a lot of time intervals, but it will be brief each time
On the monthly, we just see your basic bull chart, although this month is far from over.
The weekly chart is maybe the worst, but you can see the 9 there, which sent us back for a while. It made a new higher high and higher low, so it's hard to call it bearish.
In the weekly USD price, it hit perfectly the previous high
The daily chart might be the best:
You can see the retest of the previous high. Epic positioning on the stoch RSI. perfect 9 signally a likely end of the downtrend. The BTC chart looks about the same. Awesome support held there.
I might not post the rest of the charts but I'll give you the takeaways
on the 4 hour chart we had a 9(buy) a day or so ago
on the 3 hour chart we just finished the 8 and are on the next bar right now, which looks like a breakout, so technically it will finish at a 1 and not a 9
on the 2 hour chart we hit a 9 (buy) on the 4th
one the 1 hour chart, (I'm going to have to post this one) the recent low was a perfect 9!
On the 30 minute chart, we hit a 9 (buy) a few hours ago at the recent low
So there is a lot suggesting this is still a buy. This rose so fast it just had to fall a long way to find support. So it probably wrecked everyone's moving average jibberish signals.
Having said all that, watch this one like a hawk in case it turns bad again. It had to fall a long way to find support, and if it has to find the next support it's going to have to fall another long way.
This is not trading advice. I'm just saying what I see at this very moment. It could literally change in an hour and I will probably not be posting that fast!
Upvote and subscribe for more charts!
OK, you're welcome for this epic post lol.
Could you please explain what you mean by you 9s etc? What do your numbers signal and why is 9 a buy signal?
A 9 is the 9th day in a row a price is moving in the same direction, and the criteria is that it has to be higher (for green) or lower(for red) than the close 4 days ago. It's a famous indicator and maybe the best one.
Nice analysis @tornadojoe
atm NEO has broken its downtrend (trendline) and is sitting just above a support level.
Look for consolidation to break upwards to enter long imo
Yes I think it's not safe yet though, it can go either way.
I do not have much experience in trading.. i have not spent much effort in reading all the indicators.
Although i keep making money on the markets.
How?
I buy new coins that are are based on good products and will pay dividends.
Tell me a good coin that started expensive and is now worth nothing?
They all go up. Give it 6 months.
As for NEO.. from what i understand the price has dropped because of the new ICO laws announced in China.
From what i have seen.. all the price fluctuations are based mostly on speculation or an announcement of some sort.
Although NEO went up to $52 (when i sold) right after it hit the Korean exchange, so thats a real world affect that made the price go up.
But me personally it seems to be more about speculation.
The internal exchange between the entire virtual currency and RMBs in Bitcoin, the Ethernet area as the representative of the whole term is closed, but not to regulate the virtual currency itself, there is no prohibition of virtual currency one OTC.
The regulators decided to close the exchange of virtual currency in China, which includes the exchange between all "OKcoin", "Fire currency net" and "Bitcoin China" and another virtual currency with legal tender presented. Figure / Vision China
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[Financial New Network] (reporter Peng Kin Kin-Uu Yujian) regulators decided to close in the Chinese virtual currency exchange, which includes among all the "OKcoin", "Foreign exchange currency" and "Bitcoin China" and other virtual currencies with a legitimate payment By means of the stock exchange, new financial reporters are approaching the Internet of financial rectification risks, the work of the group's leading office (hereinafter referred to as the lead group), which confirmed this news, and learned that the permit is currently deployed to the field.
September 8, the third party trading platform, the network of cross-country issued a statement in accordance with the spirit and requirements of September 8 in Beijing financial conference work on September 5, from the day 17.30 to suspend trading in all currencies.
This is still a regulatory action after the People's Bank and the other seven ministries, together after September 4, jointly notice (further notice). The above statement by ICO (initial coin placement, initial public sale of coins) as an "illegal financial activity" and ordering since the announcement, ICO ban on new projects, projects to limit the stock of repayment. All ICO tokens trading platform must clean the deal.
The purpose of the regulation is not limited to now more than 60 ICO tokens trading platform, we will not participate in a number of trading platform home ICO virtual currencies are included in the purification volume critical to the completion time.
"In other words, the future can not have a so-called trading platform between virtual currency and legal tender in China." The closer to the leading group said: "Thus, there are no so-called markers, virtual currency, and there may be twenty or two problems between the PQM can not be sold. "
Regulatory research of virtual currencies of trading platforms did not suddenly strike, but at the beginning of the research was at the beginning of the year. Currently, the management team has made this decision and careful measures.
The central seven ministries in the announcement jointly issued on September 4, the signal was issued for this: The third announcement "Strengthening Financial Trading Manager token trading platform," noted that since the notification, any so-called financial transaction markers platform should not engage in legal tender and lexemes, in the "virtual currency" traffic exchange among themselves, can not be sold or used as a central counterparty of trade tokens or "virtual currency" should not provide For information about the prices of intermediaries as a token or a "virtual currency" and other services.
It should be noted that this decision to close the trading platform between the virtual currency with legal tender, which only prohibits the floor to trade virtual currency in China, and does not prohibit all virtual currencies with legal tender in the territory of China's trade. "In order to close the exchange Bitcoin no. For Bitcoin »the leading group that stressed the previous closure, suppression and Bitcoin-related activities related does not affect the development of the block chain technology.
In accordance with the position close to the leading group of sources, in terms of risk prevention, so that virtual currency and legal tender from the sex trade activities from China, the main market risks, financial risks and social risks at three levels.
The distorting effect of the secondary market
Since 2013, regulators have felt a great risk for the distorting effects of the secondary virtual currency market. At that time, Bitcoin volume transactions in China, and more than ninety percent of world trade volume, and Bitcoin pushed a record high of 8,000 yuan. PLAY INDIVIDUAL