NEO / BitcoinShort
Neo might fall of a steep cliff!!!
As you can see the neo btc chart has formed a pretty nice flag in wave 4 going down. If it breaks the support and btc keeps dropping exect NEO to outperform BTC on the downside. After wave 5 has finished exect an ABC up to then make 5 more waves down to finish and hit its target for the bigger bear flag on NEOBTC on a 4hr time frame.
tradingview.com/chart/Ls11pOn5/
On this chart we can see BTC is making 5 waves to the downside with a target of 6000. Using elliot wave we can assume wave 5 will be around wave 1's lenght and will end around the 1.618 fib extension. We also bounced of of the bear flag resistance wave 4 made meaning we have 12% more to go.
Since the NEO BTC chart is displaying lots bearish signals and pressure to go down NEO should outperform BTC on the downside. Especially in the coming hours after that we might have to wait for the ABC upwards to finish.
tradingview.com/chart/Ls11pOn5/
On this chart we can see BTC is making 5 waves to the downside with a target of 6000. Using elliot wave we can assume wave 5 will be around wave 1's lenght and will end around the 1.618 fib extension. We also bounced of of the bear flag resistance wave 4 made meaning we have 12% more to go.
Since the NEO BTC chart is displaying lots bearish signals and pressure to go down NEO should outperform BTC on the downside. Especially in the coming hours after that we might have to wait for the ABC upwards to finish.
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