Let's get started with this NEO analysis by request... So feel free to hit like now and allow me to entertain you all the way.
NEO (NEO) Overview
What is NEO?
NEO is a non-profit community-driven blockchain project. It utilizes blockchain technology and digital identity to digitize assets and automate the management of digital assets using smart contracts. Using a distributed network, it aims to create a “Smart Economy”.
NEO was founded in 2014 and was open sourced on GitHub in June 2015. NEO believes that community development is its top priority. NEO has a huge developer community around the world, such as CoZ, and NeoResearch, who continuously contribute to NEO development. Millions of community members are active on Reddit, Discord, Github and Twitter .
NEO ( NEOBTC ) Chart Analysis
I remember all the hype when NEO launched, huge project and lots of noise all around… Who would have thought that NEOBTC would hit a new low? Well, it has, at least on Binance. Other big altcoins such as Cardano did not hit new lows, but this one is different, so let’s see what the chart is telling us…
Let’s start by looking at NEOBTC long term. Here you are going to be looking at the weekly chart, remember that the longer the time frame the stronger the signals.
The cryptocurrency market is very fast, highly volatile, that’s the nature of the market, it represents our times, who we are… And remember that people these days have no attention span, so they need fast, action in order to remain engaged, and that’s the reason why you see the and crazy movement in these pairs.
So weekly is a very long time in cryptocurrency, the signals gotten from a weekly chart hold lots of value when it comes to trading… Ok, that’s enough, let me show you the chart:
- The on the (purple) is astonishing. Notice how NEOs value is going down, while the line and signal are moving up.
- The instead went with the chart, and it also hit a new all-time low (massively oversold). I consider 30 (RSI/14) to be oversold on the weekly time frame, on the daily time frame 20/25 can be considered oversold. Everybody can use their own numbers and create their own strategy, nothing is set in stone.
- There is always here as this is a big project.
- We lost in the past with NEOBTC , but this is no big deal as we buy lower now. So we get more tokens for a lower price, so total we have more. If we are patient and we wait, we will get back any loss and even more profits on the way up… The price now is literally up to 100% lower than our last stop… Only those that quit loose. Persistence is also key to win.
Let’s take a look at it closer:
- Here we have the classic .
- A strong bounce after support was found at the new all-time low.
- We have the entire cryptocurrency market going .
- It is time to step in and trade this coin.
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I usually don't "trade" crypto pairs, only XXX/USD, so I could use a bit of help interpreting your chart here.
If I understand this correctly, now would be an optimal time to buy NEO and then wait for it to its value to increase compared to BTC, not USD, and then exchange our NEO for BTC, correct? I mean, if maximising the amount of BTC you hold is your ultimate goal.
Thank you! :)
1. Since it's already been 8 days, do you think the red arrow scenario is more likely, meaning we may even see a slight drop back to .0012x?
2. Did you have specific Target Prices in mind? I can make out various potential resistance levels, but wouldn't be able to confidentally pin point the major ones.
3. Are you going to update this analysis or create a new one if there's a development?
Thank you very much!
1) It can move up anytime without notice.
2) 0.00196 and 0.00233 can be the first two strong stops.
3) Might share when we reach some targets.