Neo / BitcoinLong
Possible buy entry 24-48 hours from now
Updated
Neo is fighting back, but on low volume. Neither ADX or MACD suggest there is any strength in the current upward movement. Stoch RSI shows it has been oversold on this low volume, hence it is more likely to go down than not. OBV has also been going steadily down. It is also likely that the previous two lows were part of a finished ABCD pattern that failed to reverse the market.
It is also trading under the previous downtrend resistance line, which with the help of fib time zones takes us to the timeframe of 2 days from now. I suspect it is likely to land within the 0.5 levels, but wouldn't shy away from an optimistic buy order around the 0.6 level.
If you trade it manually, you should have a better idea of the best possible purchase price around that time.
Please share your observation to complement mine. Thanks.
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Below is my hunch-based theory.
Just a hunch, but I won't rule out the possibility of a massive sellout. There have been 3 failed pushes upwards, and on such low volume it almost looks like the market may as well sell itself off real soon. If that happens, 0.7 is the next possible buy target. Be vigilant.
It is also trading under the previous downtrend resistance line, which with the help of fib time zones takes us to the timeframe of 2 days from now. I suspect it is likely to land within the 0.5 levels, but wouldn't shy away from an optimistic buy order around the 0.6 level.
If you trade it manually, you should have a better idea of the best possible purchase price around that time.
Please share your observation to complement mine. Thanks.
------------
Below is my hunch-based theory.
Just a hunch, but I won't rule out the possibility of a massive sellout. There have been 3 failed pushes upwards, and on such low volume it almost looks like the market may as well sell itself off real soon. If that happens, 0.7 is the next possible buy target. Be vigilant.
Note
I would extend the wait time by 12 more hours or so. If it breaks through the upper resistance line, depending on the volume it may be a signal to buy for traders. For long-term investors as well as those who don't hold any NEO, I would stay away in case of an upward movement unless there are obvious external factors (news, announcements) driving the price up.
What is everybody doing right now?
Note
Everything points to a ranged market. The price will hover between 0.008 and 0.0095 for now. Where it goes from there is anybody's guess at the moment. Judging by the technical analysis, it would be more logical for it to go further down. That said, logic is not an inherent quality of price action, so go figure.
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