NEO Trading Scenario
Updated
Hello,
And last but not least for today charts, here come the “Chinese Ethereum”, Antshare / NEO.
NEO just join the TOP 10 market cap today behind ETC and in the last two weeks we have seen a huge growth from 250k to nearly 900k! The monster is out with x3.5 growth in 2 weeks!
But now it’s time to get some profit for several reasons :
1) On the charts you could see that’s NEO is on the top of an ascending channel (two black lines) and if the channel doesn’t break up, the price will revisit the middle of the channel. If the price bounce on the top it may go down to the orange line which is a short term upward trend. Another possible small support could be the 1.618 fib resistance but it won’t be really strong. If those supports doesn’t hold we may revisit the lower part of the channel.
2) On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD, starts to give a good buy signal.
3) In cryptocurrency, there is this “old” adage : Buy the rumors, sell the news : NEO is currently giving a conference and as we have seen in the past with numerous coins, it could tend to a dips right after the announcement.
In conclusion, It may be a good time to take some profit on NEO (regarding the quantity it depends on your strategy, but I strongly advice you to only sell a portion of your coins like 33% or 50% in order to manage the risk that the channel could broke upward) and to buy back sooner at the lower price.
And last but not least for today charts, here come the “Chinese Ethereum”, Antshare / NEO.
NEO just join the TOP 10 market cap today behind ETC and in the last two weeks we have seen a huge growth from 250k to nearly 900k! The monster is out with x3.5 growth in 2 weeks!
But now it’s time to get some profit for several reasons :
1) On the charts you could see that’s NEO is on the top of an ascending channel (two black lines) and if the channel doesn’t break up, the price will revisit the middle of the channel. If the price bounce on the top it may go down to the orange line which is a short term upward trend. Another possible small support could be the 1.618 fib resistance but it won’t be really strong. If those supports doesn’t hold we may revisit the lower part of the channel.
2) On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD, starts to give a good buy signal.
3) In cryptocurrency, there is this “old” adage : Buy the rumors, sell the news : NEO is currently giving a conference and as we have seen in the past with numerous coins, it could tend to a dips right after the announcement.
In conclusion, It may be a good time to take some profit on NEO (regarding the quantity it depends on your strategy, but I strongly advice you to only sell a portion of your coins like 33% or 50% in order to manage the risk that the channel could broke upward) and to buy back sooner at the lower price.
Note
Wahou, Neo is quite strong tonight!
That why it's always better to sold a portion of your coin.
I updated the channel to a more accurate one.
Try to sell another portion of your coin if Neo hit the top of the updated channel.
They will be definitvely a good correction incoming.
Note
My My!
The Up Force was strong in this one! My sell signal was a bit early but I hope you followed my advice and only sold a portion of your coins at 820k and then another portion when the price hit the top of the updated channel.
But don't panic, as you can see the correction is on its way and we will be able to buy a little lower than the first sell signal and way lower than the second sell advice.
Note
I'm stuck on my smartphone for the weekend so I couldn't update before and the update will be limited for two days. Neo felt and touched nicely the intersection between the 1.618 fib resistance and the bottom of the Black Channel around 780k. I Had an order to buy back some Neo around this price. If the price come back to the bottom of the channel (at 800k or below) it could be a good idea to buy back a portion of the previously sold Neo.
I will update the chart on monday and will try to add some comment in between.
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