TL:DR - These prices are a HODLer's dream, I am buying for the long term. If I wanted to trade I would look to take profit at $45.50 and again at $53 but this buy is for HODLing.
This is the chart for Neo with 1 Day candles. Here is what I said last time: "I'm going to be blunt, this chart scares me. Whereas Ethereum, Bitcoin, OMG, and many others have formed symmetrical triangles, Neo has formed a descending triangle. Neo has set up a bearish pattern and I feel the most likely move is down to $38ish UNLESS it can rise with the rest of the crypto tide."
After that post price dropped from $48 to $35.75, a price not seen for over half a year. So what is next for Neo?
Neo is a long term hold of mine. I prefer trading Eth, BTC, and LTC because I have easy ways to trade fiat with them that don't involve USDT. I prefer holding Neo. To a HODLer, these prices are ridiculous. This is a black friday discount on steroids. I didn't have any plans on adding to my Neo inventory but this is just too good to pass up. I am buying for the long term, no targets or stops.
For those that trade, price pattern has turned more bullish since my last writing. We are still seeing lower lows BUT now I think we are seeing a Massive bull wedge. Why? when price broke below the black downtrend line a week or two ago it did not make a big move lower. Also we have held support at $38-$42 which is a broad support zone going back to well before the bull run in December. We are set up for a bullish break.
If I were trading I would take profits at $45.5 and then more at $53. Remember this isn't trading advice, this is my trading journal to keep myself honest and share ideas with the community so you trade how you want.
This is not to say price can't go lower. The entire market is on the precipice of a cliff: Bitcoin's double/triple bottom. If Bitcoin breaks down below the broad double/triple bottom formation then we will see mass carnage, perhaps another 50% drop from here. Being a believer in Crypto paints my interpretation of the charts to say that further carnage is unlikely. Time will tell if I'm looking through rose colored glasses.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the chart for Neo with 1 Day candles. Here is what I said last time: "I'm going to be blunt, this chart scares me. Whereas Ethereum, Bitcoin, OMG, and many others have formed symmetrical triangles, Neo has formed a descending triangle. Neo has set up a bearish pattern and I feel the most likely move is down to $38ish UNLESS it can rise with the rest of the crypto tide."
After that post price dropped from $48 to $35.75, a price not seen for over half a year. So what is next for Neo?
Neo is a long term hold of mine. I prefer trading Eth, BTC, and LTC because I have easy ways to trade fiat with them that don't involve USDT. I prefer holding Neo. To a HODLer, these prices are ridiculous. This is a black friday discount on steroids. I didn't have any plans on adding to my Neo inventory but this is just too good to pass up. I am buying for the long term, no targets or stops.
For those that trade, price pattern has turned more bullish since my last writing. We are still seeing lower lows BUT now I think we are seeing a Massive bull wedge. Why? when price broke below the black downtrend line a week or two ago it did not make a big move lower. Also we have held support at $38-$42 which is a broad support zone going back to well before the bull run in December. We are set up for a bullish break.
If I were trading I would take profits at $45.5 and then more at $53. Remember this isn't trading advice, this is my trading journal to keep myself honest and share ideas with the community so you trade how you want.
This is not to say price can't go lower. The entire market is on the precipice of a cliff: Bitcoin's double/triple bottom. If Bitcoin breaks down below the broad double/triple bottom formation then we will see mass carnage, perhaps another 50% drop from here. Being a believer in Crypto paints my interpretation of the charts to say that further carnage is unlikely. Time will tell if I'm looking through rose colored glasses.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***