Neo / BitcoinLong
Accumulation zone
Updated
As is evident from the price action, Neo has entered a ranged trend and is probably in the accumulation zone. Mind you, this is based on a 4h chart, hence the time span of the accumulation is likely to be a few days, and the price can still go down after that. Especially if there is no upward movement driven by new developments in the Neo camp, people who bought high or are expecting quicker profits may sell off their holdings to re-invest in other coins.
In support of the ranged market, we have the 4h Gann fan suggesting we entered a very tepid downtrend. The price is also hovering below the ichimoku clouds, which creates a resistance zone equal to the Fib level of 0.3, also supported by the previous high. The support line lies in the area of 0.5 on Fibinacci, supported by the previous low. Stoch RSI and ADX point indicate a sideways trend.
This may be a good buy zone for the next 3-4 days if you would like to accumulate some Neo. A price closer to fib 0.5 is preferable.
Some lines to watch for are the downtrend channel (black lines) and the overall uptrend line (another black line going upwards on the chart). They don't seem to be that important at the moment, though.
Thoughts? Ideas? Have I overlooked anything?
In support of the ranged market, we have the 4h Gann fan suggesting we entered a very tepid downtrend. The price is also hovering below the ichimoku clouds, which creates a resistance zone equal to the Fib level of 0.3, also supported by the previous high. The support line lies in the area of 0.5 on Fibinacci, supported by the previous low. Stoch RSI and ADX point indicate a sideways trend.
This may be a good buy zone for the next 3-4 days if you would like to accumulate some Neo. A price closer to fib 0.5 is preferable.
Some lines to watch for are the downtrend channel (black lines) and the overall uptrend line (another black line going upwards on the chart). They don't seem to be that important at the moment, though.
Thoughts? Ideas? Have I overlooked anything?
Note
Sorry for the loaded chart.
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