NEO going back to ICO price!!??
Hello Cocojambo's and Cocopuffs!
I have been away for a while because my team and I are working on several articles which will be published on Crypto-Picks.com. It's been hectic so I didn't have enough time to do charts.
Nevertheless, I'm posting a little update regarding NEO. I remember that I predicted the bounce around the 1st of July. Everybody was hyped up because news came out that NEO was finally going towards full decentralisation. We had a nice bounce, but I knew, in this bear market NEO ain't gonna moon, not for now. Especially with that nice big red cloud hanging over there.
NEO needs a good and healthy retrace, a double bottom at least! Have a look at other coins like ADA for example, great project and slowly going lower and lower. I still believe, looking at where ALTS come from ( not the top but the bottom), they are still overpriced at the moment, at least in the eyes of a the big investor. Whether ETF will be approved or not, until nothing is certain, I'm not touching the ALTS. I need to see a clear trendreversal.
This doesn't mean you cannot trade or that you can't make money. But it's important to also look at the bearish scenario.
So let's look at the chart.
NEO is trading around 370SAT. We didn't have a bounce since our latest bounce in July. The RSI is oversold and the MacD is curling up a little bit. On the FIB we passed the 0,786 retracement line which most of the time means that we will retrace further more.
Nevertheless I will be waiting for the double bottom and then see what happens and how the market is at that moment. So far my Cocolines are doing their job;) We have a bullish divergence on the Mac-D and on the RSI, plus we are balancing on my main support Cocoline.
Trade carefully and set your stop losses just in case.
Leave a like if you like,
Have a nice day!
I have been away for a while because my team and I are working on several articles which will be published on Crypto-Picks.com. It's been hectic so I didn't have enough time to do charts.
Nevertheless, I'm posting a little update regarding NEO. I remember that I predicted the bounce around the 1st of July. Everybody was hyped up because news came out that NEO was finally going towards full decentralisation. We had a nice bounce, but I knew, in this bear market NEO ain't gonna moon, not for now. Especially with that nice big red cloud hanging over there.
NEO needs a good and healthy retrace, a double bottom at least! Have a look at other coins like ADA for example, great project and slowly going lower and lower. I still believe, looking at where ALTS come from ( not the top but the bottom), they are still overpriced at the moment, at least in the eyes of a the big investor. Whether ETF will be approved or not, until nothing is certain, I'm not touching the ALTS. I need to see a clear trendreversal.
This doesn't mean you cannot trade or that you can't make money. But it's important to also look at the bearish scenario.
So let's look at the chart.
NEO is trading around 370SAT. We didn't have a bounce since our latest bounce in July. The RSI is oversold and the MacD is curling up a little bit. On the FIB we passed the 0,786 retracement line which most of the time means that we will retrace further more.
Nevertheless I will be waiting for the double bottom and then see what happens and how the market is at that moment. So far my Cocolines are doing their job;) We have a bullish divergence on the Mac-D and on the RSI, plus we are balancing on my main support Cocoline.
Trade carefully and set your stop losses just in case.
Leave a like if you like,
Have a nice day!
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