Let them chinese make us some cash :)Last week I posted #hypeoftheweekend with Bitcoin Gold . That idea gave me a nice profit off almost 100%. This weekend my eyes are on NEO and China!
I expect the same result :) Buying at 37 USD, selling at 88USD for a profit of 138%.
Fundamental
On 21.Nov the " Blockchains in Fintech " event goes off and we have NEO founder Da Hongfei as top speaker.
NEO is also trying to hype up the event beforehand: twitter.com
If this will be a repeat of the SWELL conference with Ripple, time will telll, but I feel that risk/reward is good enough to enter this trade.
The chinese goverments eyes is on crypto, and that may turn into incredible news for NEO.
The chinese are still very important in cryptocurrency, and NEO should be in your portfolio for the long term.
Technical
I expect to hit the 1.618 fib and complete an Elliot Wave within the channel in my pitchfork, depending on what we get out of the conference obviously.
When you trade you need to be open to everything can happen, and adjust your mindset when things do happen. But at this moment I believe what I have drawn will unfold. Time will show, and I'll try to update this along the way.
If this trade goes the wrong way, I am looking at that trendline. If it breaks, I am getting out.
Numbers
Buy: 37USD
First Sell: 88USD
Second Sell: 139USD
Stop Loss: Below Trendline
