Long

2400 Finally Breaks! (NEO Update) Patience Is Key In This Market

Updated

If NEO can hold a third daily candle above 2400, I think it's fairly reasonable to expect it to finally break out of this ridiculous range. Targets are in the green X's. This is an update from my previous NEOBTC chart, where I suggested that the 2400 resistance was a bit too obvious (and artificially created). This signaled accumulation to me. I've held NEO since 2030 (swapped all my TRX for it a while ago) and have been patiently waiting for this moment. If you look at the links below, you'll see that I called a potential bottom when NEO was still in the $7-8 area. I also suggested that NEO would probably head down towards $5-6 when we failed to stay above $13 last fall.

So far, we're sustaining above 2400 with decent volume. Let's see if we can get a bigger impulse.
BUY SETUP:
2370-2420

Targets:
2600-2700
3000-3100
3500-3600
4600-4700

Obviously, if NEO breaks back down, we can expect another test of the ascending support. If that breaks, we have immediate support near 2150.

This is not financial advice, and I am not giving a recommendation to buy or sell. This is a potential setup I'm seeing, and I'm curious to see how it plays out (for educational purposes only). NEO is currently part of my long term portfolio. Perhaps I will sell a small portion to swing trade, but that's not something I do very often.

-Victor Cobra

Note

Enormous buy wall on Binance at 2430 (82 BTC). Buy walls are often bearish indicators...at least in the short term, but someone clearly wants the price held here for now. Whether that's to buy or dump, I guess we shall see.

Note

We wicked below the uptrend support today, but if we close above it, NEO should move up in time. We're above the $10 resistance in USD value, anyway. This is a good sign. Perhaps we can break this Bitcoin range once and for all soon. Obviously, if we close below the uptrend and head back towards 2200 and sustain, that would be a bad sign.

Note

First target hit between 2600 and 2700

Note

Unfortunately NEO has pulled back below 2400, which should not have happened on a breakout on that obvious of a resistance. Either it’s still undergoing accumulation, or investors are really losing confidence in this project long term. I may have to consider reducing my NEO position, which would be a bummer. We did make a higher high, which is a good sign. The USD chart looks quite bullish. A rejection in the $13 area was expected. Perhaps it only appears weak because people took a lot of profit into Bitcoin, expecting a push higher from big daddy,

Note

We've officially broken the uptrend we've held against Bitcoin since December. This is a sell signal, but it could also be an intentional move. We still have support at 2150. If that fails to hold, 1970 may be in the cards.

VictorCobra

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