NEO/USD Golden chance
Updated
NEO is down to around $26 and it is now on a new all time low from November 2017.4 hour RSI is showing a bullish divergence which is a strong reversal sign.
It has a huge potential to shoot right back up to $90 range which is aroun 250% profit.
My play would be to start laddering my positions (Buying in small chunks).
If you want more conformation you can wait for it to break out of the resistance line around $30 and then enter.
Stop loss would be when 4 hour RSI break down it's bullish divergence.
Happy Hunting
If you have any questions feel free to ask them in comments.
Note:- This is not a financial advise.
Trade closed manually
As I mentioned stop loss triggered around $24 when RSI breaks its divergence.If you played more risky trade you would had stopped around $21.
For now, NEO is in uncharted territory
Temporary support around $15 and temporary resistance around $21.
But the volume is starting to increase.
In my opinion NEO will hover in $10-$20 range until and unless we have some bullish news on bitcoin. Hope fully it will hold above $10 (if BTC holds 4.5k)
CAUTION - it doesn't matter how good is an alt coin, in the current market BTC is the king. So if BTC is bearish expect all alts to be bearish.
Stay out & stay safe if you are a new day trader.
If you are a long term holder keep buying at every $5 dips you will thank me later.
Neo is one of the biggest Chinese alt coin project out there. When BTC hits 20k NEO hit $200. Now imagine the possibilities that you buy NEO at $20 and it hit $400 ?
You know it is bound to happen. But yeah, that will take a lot of patience.
Stay strong, if you are already down 80% there is no point selling it now because no one can predict the bottom
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.