NEO Needs Some Serious Buying Action to the Rescue to Avoid a Major Bear Threat
SUMMARY
NEO needs the buyers to come in and start buying ASAP! It has an overhanging bearish threat as shown in the second chart. Given a near 10 consecutive down days, there will be a bounce....but it needs to be susainable and trend reversing! However, since Bitcoin has been delivering some good volume and a bounce; the below chart shows the best possible bullish scenario with the ABC correction complete and an impulse of blue waves has begun to the point that blue 1 is complete and 2 is in progress and nearly complete as well. The white abc shows that 2 could be in its terminal end. In order for the blue 3 to start charging upwards, we need the buyers to appear now.
Given how the price has been moving sideways, the correction can also be labeled with WXY (blue). IF so, then Y is not even close to being complete. IF this is correct, the lower end target is at around $40 as shown by the white arrow pathway. I've been watching this for some time and wanted to bring into the blog readers' awareness. In order to avoid this scenario, price needs to start charging towards the upper white trend line and decisively breach it.
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Thank you!
If it does hit these prices they will be swallowed up quick....the amount of ICO's launching is many...so undervalued right now in my opinion
Agreed. I think Switcheo and NEX will definitely help increase liquidity among all Neo ICOs and hopefully that should help increase prices!
Agreed, NEO should be trading much higher. Like all alt coins it's relying on BTC to help it's price gain some momentum. Once that happens we won't see NEO at double digit prices again. Could be over a $1000 by 2020 easily
Just another follow up on that as well would be to look at the price action on NEO during the APEX ICO (launched on NEO). NEO prices rose close to 50% in the 48 hours leading up to it and ultimately hit it's all time high just shy of $200 the week after. During the same period BTC lost about 30% of it's value. I made good money trading NEO during that time. Reinvested it back into NEO when it dropped back down - it's now a long term hodl. Forget any FUD you've read about them having a technical issue last week. Ever fintech company is going to experience a similar issue at some point during their early years. It's how you respond to that problem that shows the long term viability of the project.
totally agree with you tales....we seem to see this FUD come out on all projects once they hit high levels...either people get jealous that their project hasn't performed as well,they don't agree with the Chinese strategies being an open new economy, or they have to get views on their blogs...im a long term holder as well friend...in a few years we will look at these prices and laugh
Coins mentioned in post:
https://staging.busy.org/@haejinsucks/a-haejin-mock-portfolio
good article
I have been reading quiet a lot about cryptos @haejin, But I am still trying to grasp, what might be some of the definite reasons behind a coin’s price upsurge or downfall in the cryptocurrency market?
I am particularly interested as Bitcoin and by association several alt coins continue taking a dip.
What are these reasons based on? I read somewhere that they are based on Calculative speculation and market sentiment. How true is this?
Anyone that has learnt a little TA and done some EW analysis knows that NEO hasn't had a serious pullback for some time. This was clear more than 2 weeks ago, including more than 10 days ago when you made your post "NEO Has All Time New Highs Written All Over"...
https://steemit.com/neo/@haejin/neo-has-all-time-new-highs-written-all-over
I am not hating on you, but the more I learn TA, the greedier your posts seem. This was clearly not the most likely scenario based on TA (anyone could have spotted a diamond top without even knowing EW analysis).
Nobody knows brother...there are different strategies in TA..with EW in particular, the current counts stays until it is violated
@shawnster yes I agree with you, TA is not an exact science. But in this case, there was a clear pattern with NEO that anyone who has been doing TA for more than a few months would know. The decline in volume, the overall bear market, the diamond pattern. I can see NEO going a lot lower (perhaps the $60-$70 range) before it makes a real rally towards his numbers. It seems like these are all the pumped out and people upvote because they're holding the coin. Not only that, but BTC dominance is at over 40% which means the only way to get alts moving again is when BTC makes a move upwards, which may not be for some time.
I agree, we the daily trend line doesn't get broken, there buyers at the $60 level.
Hi haejin I wonder if u have any opinion on ENJ?
Take about it how important the post it is! You have just made a outstanding post. Just amazing ... carry on sir,,