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NEOBTC trade ideas

NEO - Could It Be....The ONE..? Possible ScenariosDecided to post a main analysis for NEOBTC, since the NEOUSD pairing doesn't seem to get as much attention. If you've been following my analysis at all, you'll see that I entered a long term trade at 2030 with my TRX profits, with a stop loss in the 1900 area (I forget where, specifically, since I've removed it for now). I did end up adding more at 2175 after the confirmed breakout. I did not set a stop loss, and I'm glad I didn't, because we retraced pretty heavily at first and I would've been knocked out of my trade. Since then, price has increased between 15-20%, although TRX has increased by a greater amount. Oh well. I'm trying this out as a long term trade, as I'm betting on a surprise turnaround in long term NEO sentiment. As you can see, we've broken out of the inverse head and shoulders neckline and have tested it as support. Additionally, NEO has been breaking upwards from what might normally look like bearish patterns. To me, this signals the beginning of a trend reversal. On top of that, we have four consecutive green candles on the weekly chart for the first time since the last reversal against Bitcoin. In my first NEO write-up, I used the log chart and predicted a drop to the $4-7 area once $16 broke down. We ventured into my buying zone (a lot of other people were looking at this area as well). I thought NEO could go down to $3.60, but it hasn't so far. It still could, of course, but I thought this had a high probability of being bottom, based on the reaction in that area. You can see that analysis here: Given this analysis, I'm led to believe we should target the 2620 resistance zone (in purple), especially if we break that pesky 2400 resistance. On the USD chart, we have resistance in the $12-13 area. Another reason to be bullish is that we've somewhat managed to hold above/near the 2340 area, which was the bottom of the last consolidation zone before the Bitcoin selloff in November. Daily and Weekly RSI both still have a fair amount of upside as well, and we're on the verge of breaking out of resistance on the Daily RSI. HOWEVER, Bitcoin has been showing signs of uncertainty and weakness, so we can't rule out a possibility that this will just be a failed breakout. There are three possible scenarios on this chart. Caution is needed in the current market conditions, so if you were to buy on the breakout of 2400, for instance, a stop loss would be recommended. This is not necessarily a trade setup and this is NOT financial advice. NEO has been a low-performer the entire year and is a risky play. You choose what to do with your money. This is just to show how I've been viewing the NEO price action, and why I've shifted from bearish to bullish. NEO has been on my radar for a while, and I kept kicking myself for not buying at $100 when it went all the way up close to $200. I'm glad I held off until now, needless to say. I might end up selling some if the market starts to look bad again, however. -Victor Cobra
by VictorCobra
Weekly Chart on NEOBTC - NEO Smart Economy I know this chart is a bit messy but all they are all important fibonacci levels that $NEOBTC could retrace back up to. Still be-aware that neo could fall even lower but I know must of us are not anticipating on that happening. NEOUSD traded around a high of $150 via coinmarket cap but now sit under $10. We could see that $30 level in the near future as thats where the weekly 50sma sit on $neousdt. Take a look at my chart on $GASBTC as it tends to move up or down when neo does, gas is way more volatile in my opinion. GLTA and may the bits be with you (; neo.org coinmarketcap.com $NEOBTC Prices as of 1/19/19 Market Cap $526,898,703 USD 140,998 BTC Volume (24h) $141,797,582 USD 37,945 BTC Circulating Supply 65,000,000 NEO Total Supply 100,000,000 NEO Max Supply 100,000,000 NEO
Long
by AaronX