Previous rises in price have done the same so as long a volume continues so will the price rise until its the buyers are blocked by resistance in RED. Once resistance is hit there will be a retreat. The RSI will rise as illustrated and when it hits 70-80 + or the price is in the red circle region sell, then enter in the green circle region for the rebound and sell...
Buy in based on bounce of recent support shown by the green line. Long position at 2.3 and exit points at shown by circled areas with red being major resistance.
I am a novice trader for all those reading this but though I would share my approach.
Longer term I expect a fall back of the resistance line in red down to either the support line (green) or beyond...
Some thoughts on the potential direction of Neo in the next few days.
Range bound with a strong band of resistance in the near term.
Massive upside potential given previous price action if volume increases significantly, breaks resistance (the red line), if support is maintained above the red line or near it and bullish candle patterns emerge with positive...
History tends to repeat itself and bitcoin has done this before more than once, the last time it had a similar drop in value and had a period of several months before a steady rise. Looking at the weekly chart I believe that bitcoin has bottomed out at $3000 and will be range bound up to $5000 dollars (roughly) for several months before rising up to the $6000...
