NEOBTC Correction Likely Not Yet Complete
The news of China banning 'ICO' funding has had a big impact on cryptocurrencies, hitting all major markets worldwide. On top of that, there are now rumours that the Chinese government might start inspecting exchanges. NEO came out shortly after saying that they would refund investors who participated in the 'ICO', swiftly complying to the request of the government. All this uncertainty about what is going to happen next and whether other countries will follow suit has momentarily reduces the inflow of new investments into the crypto space and a sell off of all major currencies ensued.
Looking at the longer term trend, the price pattern suggests that NEOBTC has further to correct before resuming the uptrend. My current target is to see NEO dropping to around 0.0030-0.0025 BTC over the next couple of weeks before a bottom is in place, somewhere above the previous wave (iv) low. This will provide investors with a great buying opportunity that could take NEO above 0.02 BTC over the following months.
Despite all the doom & gloom that is being posted around, I feel that NEO and the 'ICO' world as a whole will weather through this temporary headache like it has done several times in the past in a relatively short time.
Looking at the longer term trend, the price pattern suggests that NEOBTC has further to correct before resuming the uptrend. My current target is to see NEO dropping to around 0.0030-0.0025 BTC over the next couple of weeks before a bottom is in place, somewhere above the previous wave (iv) low. This will provide investors with a great buying opportunity that could take NEO above 0.02 BTC over the following months.
Despite all the doom & gloom that is being posted around, I feel that NEO and the 'ICO' world as a whole will weather through this temporary headache like it has done several times in the past in a relatively short time.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.