So first of all, the pattern already demonstrated a decline in value to us, as it dropped from 172 dollars to 97 dollars at its lowest. Even though it dropped massively, it did stay in its long-term within the green area quite in a stable way. NEO has been swinging quite up and down in price, however, it remained within the green zone most of the time since the beginning of December without any extreme movements up until the 15th of January 2018...
Things were shaking baby! It was obviously overbought at 190 USD on the 15th of January and then it was pulled down again quite heavily to almost half its price.It tried to break through again, but it wasn't the right time yet. We now see two indications (of which the I already discussed) that point to a continuing . This is in line with most predictions of bitcoin as well, and since bitcoin is quite a bit of a market puller, we cannot expect yet that NEO will be untouched. We are getting a hint from the to this as well. The CD line is at 1.021 and the AB line is at 0.643. Whilst these are not the exact correct proportions for a perfect , it does indicate another scoring two times in a row.
Now, as for the newest pattern we see a double tops emerging as well, indicating that we will be diving even further. I think we will be finding ourselves quite soon at around 80 USD in about 3-4 days, which seems to me as the perfect time to buy! I also do not think it will go any lower than this point, seeing that NEO is being used more and more and many ICOs will be launched this year on NEO . Perhaps the most important thing: the Chinese government seems to be taking quite a favorable stance towards NEO !
I will definitely be buying. NEO is already being oversold at this point, and the price seems to only get better! How about you?
Please note, I am also still a beginning technical analyst. Feedback is welcome.
Disclaimer: this is not investment advice.