Hello, and welcome to my first analysis on
NEOBTC
!
FYI: SKIP TO THE END IF YOU JUST WANT TO READ THE ANALYSIS...
First, for those who do not know, what is
NEOBTC
?!?
NEO is often considered China's response to Ethereum, and is China's first ever open-source blockchain. Its platform facilitates the development of digital assets and smart contracts. The platform uses two different tokens which are NEO and GAS. The NEO token represents the ownership of the blockchain and when you hold NEO in your wallet you will be rewarded with GAS. GAS tokens give you the right to use the NEO blockchain and is the fuel that powers transactions in the NEO system. This is what makes NEO so different in the fact that it has a two-tiered system of NEO and GAS. Although GAS can be bought and sold on exchanges, users typically buy NEO tokens to represent their stake in the future of the platform. ALSO, their use of smart contracts which really sets NEO apart is a whole chapter in itself so you will have to read up on that one on your own!
So essentially you can simply buy NEO and you will be paid dividends in GAS.
Whats next for NEO??
Well, one advantage is that while the Chinese government has distanced itself from the cryptocurrency world it has simultaneously embraced the NEO platform. This has the potential to both legitimize the platform while alienating it from the western world. SO, the future is very much still in the air and a lot remains to be seen.
ALRIGHT, ALRIGHT, ALRIGHT... ENOUGH ABOUT THE PLATFORM... (seriously though, read up on this one and the smart contracts)
WHATS IN THE CHART!!
Looking at the chart we can see a symmetrical triangle that is forming and we are currently touching the support line. I would like to point out some similarities that have formed on the ROC, RSI, and MACD in the past and are potentially forming AGAIN as I write this.
Specifically, on 2/6 and on 2/22 we see that the RSI broke below the 30 mark signaling we are oversold, the ROC had touched a low and began turning up, and the MACD was falling but turned and crossed. ALL 3 of these happened within the same time frame (which I highlighted in red).
2 out of these 3 are currently happening as I write this! The RSI has dipped below 30 and is starting to turn up, AND the ROC is low and is beginning to turn up.
SO, what do we need to see. We need to see the ROC pass the signal line (0), AND we need to see the MACD turn up and cross. As of now, we are finding support which is good HOWEVER if we do not see these signal repeat like before we could see NEO fall to the 2nd support line I have draw.
The next movements are critical for
NEOBTC
to see what happens. Lets pay close attention to these and we will know exactly what will happen. IF you wanted to take the risk now would be a good time to buy with setting a stop loss just below the current support line. Personally I would wait to see a confirm breakout... watching and waiting for the signals to know where we are headed.
Any and all comments are welcome!
Happy Trading :)
Much Love
DustyPH
***This information is not a recommendation to buy or sell***
*Please leave a comment and let me know what you think!
NEOBTC
! FYI: SKIP TO THE END IF YOU JUST WANT TO READ THE ANALYSIS...
First, for those who do not know, what is
NEOBTC
?!? NEO is often considered China's response to Ethereum, and is China's first ever open-source blockchain. Its platform facilitates the development of digital assets and smart contracts. The platform uses two different tokens which are NEO and GAS. The NEO token represents the ownership of the blockchain and when you hold NEO in your wallet you will be rewarded with GAS. GAS tokens give you the right to use the NEO blockchain and is the fuel that powers transactions in the NEO system. This is what makes NEO so different in the fact that it has a two-tiered system of NEO and GAS. Although GAS can be bought and sold on exchanges, users typically buy NEO tokens to represent their stake in the future of the platform. ALSO, their use of smart contracts which really sets NEO apart is a whole chapter in itself so you will have to read up on that one on your own!
So essentially you can simply buy NEO and you will be paid dividends in GAS.
Whats next for NEO??
Well, one advantage is that while the Chinese government has distanced itself from the cryptocurrency world it has simultaneously embraced the NEO platform. This has the potential to both legitimize the platform while alienating it from the western world. SO, the future is very much still in the air and a lot remains to be seen.
ALRIGHT, ALRIGHT, ALRIGHT... ENOUGH ABOUT THE PLATFORM... (seriously though, read up on this one and the smart contracts)
WHATS IN THE CHART!!
Looking at the chart we can see a symmetrical triangle that is forming and we are currently touching the support line. I would like to point out some similarities that have formed on the ROC, RSI, and MACD in the past and are potentially forming AGAIN as I write this.
Specifically, on 2/6 and on 2/22 we see that the RSI broke below the 30 mark signaling we are oversold, the ROC had touched a low and began turning up, and the MACD was falling but turned and crossed. ALL 3 of these happened within the same time frame (which I highlighted in red).
2 out of these 3 are currently happening as I write this! The RSI has dipped below 30 and is starting to turn up, AND the ROC is low and is beginning to turn up.
SO, what do we need to see. We need to see the ROC pass the signal line (0), AND we need to see the MACD turn up and cross. As of now, we are finding support which is good HOWEVER if we do not see these signal repeat like before we could see NEO fall to the 2nd support line I have draw.
The next movements are critical for
NEOBTC
to see what happens. Lets pay close attention to these and we will know exactly what will happen. IF you wanted to take the risk now would be a good time to buy with setting a stop loss just below the current support line. Personally I would wait to see a confirm breakout... watching and waiting for the signals to know where we are headed. Any and all comments are welcome!
Happy Trading :)
Much Love
DustyPH
***This information is not a recommendation to buy or sell***
*Please leave a comment and let me know what you think!
Comment:
Correction! My apology, I wrote that the events on 2/6 and 2/22 signaled "oversold"... I meant to write UNDERSOLD! Sorry for the confusion, I didn't catch that yesterday before it published.