Will we see $16 and then $26? Or will we see sub $4 prices for NEO? We're at the breaking point here. 2-year lows on the Bitcoin ratio as well. Definitely one of the least bullish looking altcoins. It's encouraging, however, that we're still in our uptrend against the U.S. Dollar. NEO needs to bounce here in order to remain bullish, so this would be a final buying point for people who believe NEO is undervalued.
NEO has already broken out of its bearish channel, but that wouldn't mean much if the current support is broken. We probably wouldn't get back into that channel, but NEO could test the top of it as support (my red X) if things go south. On the upside, if sentiment changes drastically for NEO, we could see it actually moving up to test the previous uptrend as resistance (pink). That gives a price target around $26 - a nearly 300% increase from here. Before that, I can see it getting capped by the top of the current uptrend channel (red), around $16. Right now, we're right at the bottom of this bullish channel and very close to breaking down and causing it to become a giant bear flag.
This is a clear trading opportunity for those who are feeling risky. NEO has a lot to gain or lose. There isn't much support on its Bitcoin pairing, so we will need to see that the USD chart has some merit. If you look at my analyses on ETH, you'll notice some similarities between the NEO and ETH charts, but the differences make NEO look bearish by comparison. ETH, for instance, hasn't made a new low against Bitcoin. The bullish idea for NEO will be invalidated if it breaks down hard and starts to head back towards the lows. I may consider dropping NEO from my portfolio if things don't improve soon, though I really like the project. This would be unfortunate indeed. This is its last chance for redemption, in my opinion.
In any case, this is not financial advice. It is purely my opinion based on what's going on. Just wanted to post this for future reference, to see how it plays out.
-Victor Cobra
NEO has already broken out of its bearish channel, but that wouldn't mean much if the current support is broken. We probably wouldn't get back into that channel, but NEO could test the top of it as support (my red X) if things go south. On the upside, if sentiment changes drastically for NEO, we could see it actually moving up to test the previous uptrend as resistance (pink). That gives a price target around $26 - a nearly 300% increase from here. Before that, I can see it getting capped by the top of the current uptrend channel (red), around $16. Right now, we're right at the bottom of this bullish channel and very close to breaking down and causing it to become a giant bear flag.
This is a clear trading opportunity for those who are feeling risky. NEO has a lot to gain or lose. There isn't much support on its Bitcoin pairing, so we will need to see that the USD chart has some merit. If you look at my analyses on ETH, you'll notice some similarities between the NEO and ETH charts, but the differences make NEO look bearish by comparison. ETH, for instance, hasn't made a new low against Bitcoin. The bullish idea for NEO will be invalidated if it breaks down hard and starts to head back towards the lows. I may consider dropping NEO from my portfolio if things don't improve soon, though I really like the project. This would be unfortunate indeed. This is its last chance for redemption, in my opinion.
In any case, this is not financial advice. It is purely my opinion based on what's going on. Just wanted to post this for future reference, to see how it plays out.
-Victor Cobra
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This zone is critical:
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The uptrend has now broken, so NEO may indeed have to drop all the way to the $3.70 area. I didn't want this to be the case, but things don't always have to work out the way you want them to (or the way you plan them to). That's why it's important to always remain willing to adapt.
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Some alts are starting to finally push higher on their USD charts (namely ETH). If ETH can continue to move up, it’ll be a sign that other alts can do the same. Perhaps NEO can even get back above its uptrend with a large move. Obviously if it does that, that would be a buy signal. Exciting times in the market!
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WOW! NEO is back above its long term uptrend! Finally some strength here. This would be a good buy signal, as long as it doesn't head back below again. Wonderful fakeout to the downside.
