Neo / BitcoinUpdated NEO retracement
It was nice seeing NEO break through a long term downtrend and even go on a 5day run, however that has come to end.
Two days ago a retracement began and we are currently sitting on 50% fibonacci retracement.
It may find support here at 50% or contiune somewhere between 61.8% or the drawn in red support at 0.00538755 (A potential 3.2% loss if you enter now)
If we see a retracement now, we could be forming the right shoulder of a head and shoulders pattern. A bearish indicator
that could see NEO go back down under that long term down trend.
If you are looking to buy for the long term, I would wait a little longer and see where NEO finds support.
If we get a confirmation now we could get a short term trade of 5-7% if it finds resistance at the left shoulder. If it breaks past that then 14%.
Best of luck out there, stoplosses are your friends especially in this market.
Disclaimer - these are just ideas based on what I can see. The market is extremely volatile so please make sure to
do your own research and be careful with any trades you make.
Two days ago a retracement began and we are currently sitting on 50% fibonacci retracement.
It may find support here at 50% or contiune somewhere between 61.8% or the drawn in red support at 0.00538755 (A potential 3.2% loss if you enter now)
If we see a retracement now, we could be forming the right shoulder of a head and shoulders pattern. A bearish indicator
that could see NEO go back down under that long term down trend.
If you are looking to buy for the long term, I would wait a little longer and see where NEO finds support.
If we get a confirmation now we could get a short term trade of 5-7% if it finds resistance at the left shoulder. If it breaks past that then 14%.
Best of luck out there, stoplosses are your friends especially in this market.
Disclaimer - these are just ideas based on what I can see. The market is extremely volatile so please make sure to
do your own research and be careful with any trades you make.
Note
Neo is still not sure what it wants to do...It closed that little gap to sit at 50% on the fibs for a while, has not broken that yet. Starting to see some green with an rsi uptick and MACD close to crossing
over on the 30min/1h chart. The larger time frame charts looking more bearish - 4h chart is about to close in 15mins looking indecisive at the min, daily still a smaller candle so could turn green.
I got stopped out before but am back in the trade but about to head off so will have to set another stop loss.
Note
Woke up to see that it did finally bounce off the 50%! Hitting the 38.2% on the fibs.
Not a huge trade but a respectable 3.85% so far
Still a bit early to say as 4h candle hasn't closed yet but looking
ok for a push to 23.6% for a further 4% (7.85% total)
I have moved my stop loss to under the 38.2% fibs.
Note
So Neo went on all the way up to the 23.6% on the fibs and then got rejected.It had a respectful 7.85% push in total.
Of course that came to a rather abrupt end, following bitcoin's lead down, losing a total of 11% (Not nice seeing all those steady gains of a few days end so violently)
Neo went a little past the 61.8% on the fibs but is now climbing back up to that support on the 4h chart.
If it can climb up and find support at the 61.8% we should see a consoldation and then another push up.
If it however falls from there to the 78.6% level then we will have lost the upward momentum for now and be back on the way down to test support on top of the downtrend (0.00502)and if breaking that we will be back into our long term downtrend from Feb. Here's to hoping that doesn't happen, I was enjoying our break from that.
I was in the trade and did have a stoploss set, but it only got partially filled and jumped past me, I wish I had stayed home from work ;)
I will post up another chart instead of an update next.
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