NEOBTC is still extending lower and will possibly hit the support area identified earlier.
If NEOBTC extends to 1.0 - 1.236 of the A wave in this C wave it would lead to nice confluence with the previous wave 4.
It is quite common for a wave 4 of the higher degree to retrace to the wave 4 area of the previous lower degree.
Be ready to accumulate in this area, as from that point onward we can see a strong rally in the wave 5 (or perhaps something even more bullish, who knows). Target shown in the graph.
The wave C often 'feels' like a crash, to be prepared for that emotionally. Good thing is that BTC is not crashing (quite the opposite) so in USD the value stays elevated.
If NEOBTC extends to 1.0 - 1.236 of the A wave in this C wave it would lead to nice confluence with the previous wave 4.
It is quite common for a wave 4 of the higher degree to retrace to the wave 4 area of the previous lower degree.
Be ready to accumulate in this area, as from that point onward we can see a strong rally in the wave 5 (or perhaps something even more bullish, who knows). Target shown in the graph.
The wave C often 'feels' like a crash, to be prepared for that emotionally. Good thing is that BTC is not crashing (quite the opposite) so in USD the value stays elevated.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.