Looking at NEO/USD 1D sticks, it's clear this is a make or break scenario:
NEOUSD
is either in for a world of hurt with continued bleeding, or an epic rebound which I intend to long. If it goes the bleeding route, I wouldn't recommend longer-term shorts because the volatility or "dead-cat bounces" as some say will liquidate anyone with margin.
Rationale: the long-term bullish trendline is intersecting with the bottom fib-channel of the shorter-term bearish trend that started on Janurary 16th 2018. We may see a dip below the trend line, but I am anticipating a major bounce to at least $110, a fib-retracement. I would not be surprised to see retracement all the way up to $124, or $137 before slight pullback, too.
Additionally, the 1D RSI has literally never been this low (orange circle) since launch on Bitfinex(chart-data source). That means this RSI has been unseen since September, and therefore essentially unprecedented. Like I said, this is make-or-break. Pay attention and you will be rewarded, even if this doesn't go long.
Tune in for updates on this trade.
NEOUSD
is either in for a world of hurt with continued bleeding, or an epic rebound which I intend to long. If it goes the bleeding route, I wouldn't recommend longer-term shorts because the volatility or "dead-cat bounces" as some say will liquidate anyone with margin. Rationale: the long-term bullish trendline is intersecting with the bottom fib-channel of the shorter-term bearish trend that started on Janurary 16th 2018. We may see a dip below the trend line, but I am anticipating a major bounce to at least $110, a fib-retracement. I would not be surprised to see retracement all the way up to $124, or $137 before slight pullback, too.
Additionally, the 1D RSI has literally never been this low (orange circle) since launch on Bitfinex(chart-data source). That means this RSI has been unseen since September, and therefore essentially unprecedented. Like I said, this is make-or-break. Pay attention and you will be rewarded, even if this doesn't go long.
Tune in for updates on this trade.
Comment:
Original Sentiment remains, but not at these values -- Bitcoin must find a floor before ALT/USD pairs can be properly analyzed most of the time.
Order cancelled:
will have to revisit this... I am still accumulating NEO, mind you. But this prediction appears premature.