NEO - Dying Out...Or The Most Obvious Trade Of The Century?
NEO has been consolidating for quite a while in what is starting to look like a big ascending triangle. The resistance almost looks artificial to me at this point. How many times can we get rejected from EXACTLY 2400? We have nearly 10 touches on that resistance, and one major attempt to break through, which got sold on heavy volume. On the surface, that doesn't look good for NEO. If we break the ascending support, we have pretty major support in the 2150 area, and then 1950 below that.
A bit risky to go in now (I've been in since 2030 - a while ago), but a lot of people probably have stop buys above the 2400 area. Whales took advantage of this by heavily selling the rally that took us almost up to 2600. If we make another break above 2400, I think we would likely break out once and for all. I then see NEO targeting levels it hasn't seen for a very long time. Perhaps due to the Ontology (ONT) run, NEO will start to get noticed again. Maybe some people will take their ONT profits and put them into NEO. Additionally, I'd like to point out the increase in GAS price. I just posted a chart on NEOGAS earlier today. This could indicate that demand for the network is increasing. The rise in VTHO price is actually what allowed me to predict the recent VET run as well (linked at bottom). A lot of people are skeptical though, since it's so far down from its ATH of $194 (!!!) and it hasn't shown quite as much strength as other coins.
I'll admit, NEO hasn't risen as much as I'd hoped or expected, but it could just be building pressure. I guess we'll see. I did manage to call the ONT run well in advance. You can see the link to that analysis below (study of accumulation). This doesn't mean I'll be right about NEO. Perhaps people really don't have much confidence in the project as they used to. An increase in price would likely change that though.
The overall volume on NEO looks healthy. It's declined a bit, now that we're nearing the end of the triangle. Obviously, if Bitcoin decides to test some lower levels, NEO may break down the uptrend, so caution is needed.
BUY:
Clear break of 2400
POTENTIAL SELL TARGETS:
3000-3100
4600-4700
SHORT: Clear break of uptrend...although stop hunts are frequent these days.
This is not financial advice. This is just a potential setup I'm seeing, since it's almost too obvious where the resistance is. It couldn't be THIS easy...right?
****This is for educational and speculative purposes only.
-Victor Cobra
A bit risky to go in now (I've been in since 2030 - a while ago), but a lot of people probably have stop buys above the 2400 area. Whales took advantage of this by heavily selling the rally that took us almost up to 2600. If we make another break above 2400, I think we would likely break out once and for all. I then see NEO targeting levels it hasn't seen for a very long time. Perhaps due to the Ontology (ONT) run, NEO will start to get noticed again. Maybe some people will take their ONT profits and put them into NEO. Additionally, I'd like to point out the increase in GAS price. I just posted a chart on NEOGAS earlier today. This could indicate that demand for the network is increasing. The rise in VTHO price is actually what allowed me to predict the recent VET run as well (linked at bottom). A lot of people are skeptical though, since it's so far down from its ATH of $194 (!!!) and it hasn't shown quite as much strength as other coins.
I'll admit, NEO hasn't risen as much as I'd hoped or expected, but it could just be building pressure. I guess we'll see. I did manage to call the ONT run well in advance. You can see the link to that analysis below (study of accumulation). This doesn't mean I'll be right about NEO. Perhaps people really don't have much confidence in the project as they used to. An increase in price would likely change that though.
The overall volume on NEO looks healthy. It's declined a bit, now that we're nearing the end of the triangle. Obviously, if Bitcoin decides to test some lower levels, NEO may break down the uptrend, so caution is needed.
BUY:
Clear break of 2400
POTENTIAL SELL TARGETS:
3000-3100
4600-4700
SHORT: Clear break of uptrend...although stop hunts are frequent these days.
This is not financial advice. This is just a potential setup I'm seeing, since it's almost too obvious where the resistance is. It couldn't be THIS easy...right?
****This is for educational and speculative purposes only.
-Victor Cobra
