Summary

I always advise caution before any trade, but now more then usual. We're on unsteady territory, always ladder your buys/sells, never go all in!

NEO is bearish for a while now, even before the market took a turn for the worst on the 6th of March. For me this means even more reasons to increase my position on it as i strongly believe in the project and i'm fairly confident it will bounce to uncharted territory in upcoming months.

Let's start by looking at the 3h chart vs USDT . This is a nice 5-3-5 trend down to the a very low level, we actually broke daily 200MA.

Below i'm zooming in the 30m chart, looking at the last 5 wave structure from above.

Wave 3 came very close to reaching 100% of wave 1 but eventually it found support at $79.4
Going forward i would expect to see at least a 0.382 Fib retracement of wave 3 before entering a short position. This should be at the same time when BTC hits around $9200 resistance.

Eyes should be on Bitcoin if it breaks the daily 200EMA we should not wait for above to happen.

Target set at $75-76.

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