NEO - When Will the Ole' Neo Bounce?
Updated
NEO (formerly Antshares) is an open-source blockchain decentralized application platform, originally founded in 2014 by Da HongFei and Erik Zhang. They have since its rebranded to NEO from Antshares in 2017.
We saw our spike years ago, back when 0.015 BTC for an alt-coin was not a bad price, but definitely not as rare as it can be considered today.
After ages of trading sideways, we saw some action recently, hitting highs around 0.0020. Since then it's been a pretty sharp correction, with a clear downward resistance forming.
On smaller timeframes, it looks like we might get a little bounce. But with the low volume on the first support test, I feel like like we probably have a little further down to go.
MACD is majorly bearish and we've got a lot of room to go until we correct down to our notable EMA's
We're bouncing off an EMA level right now on the 4h chart, so may get a small correction up. But wouldn't bet on it right away.
Stoch is oversold, and has been for some time.
OVERALL THOUGHTS
Don't make a move right now, chances are we'll see a bump down before we're in solid buy territory. Area is marked on the chart as well as a potential TP.
TP - 0.0020700 +
Safest course of action is either buy the retest with a tight stoploss or wait until you have confirmation of a breakout from that downward resistance on the charts.
--
“...maybe sometimes it's riskier not to take a risk. Sometimes all you're guaranteeing is that things will stay the same.” -Danny Wallace, Yes Man
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
We saw our spike years ago, back when 0.015 BTC for an alt-coin was not a bad price, but definitely not as rare as it can be considered today.
After ages of trading sideways, we saw some action recently, hitting highs around 0.0020. Since then it's been a pretty sharp correction, with a clear downward resistance forming.
On smaller timeframes, it looks like we might get a little bounce. But with the low volume on the first support test, I feel like like we probably have a little further down to go.
MACD is majorly bearish and we've got a lot of room to go until we correct down to our notable EMA's
We're bouncing off an EMA level right now on the 4h chart, so may get a small correction up. But wouldn't bet on it right away.
Stoch is oversold, and has been for some time.
OVERALL THOUGHTS
Don't make a move right now, chances are we'll see a bump down before we're in solid buy territory. Area is marked on the chart as well as a potential TP.
TP - 0.0020700 +
Safest course of action is either buy the retest with a tight stoploss or wait until you have confirmation of a breakout from that downward resistance on the charts.
--
“...maybe sometimes it's riskier not to take a risk. Sometimes all you're guaranteeing is that things will stay the same.” -Danny Wallace, Yes Man
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Order cancelled
That's called a crash and burn. All buy signals void now on this analysis! Closed.
Come hang out with me on telegram, it's free and I won't be too mean too mean to you:
t.me/KadnimCrypto
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