Hello traders and investors!
Today we will talk about cryptocurrencies, specifically NEOUSD, its price action from technical standpoint and wave strcuture from Elliott Wave theory.
Well, we all know the king BTCUSD is in a massive rally, but this si mainly because of BTC.Dominance, while other weaker ALTcoins remains slow, sideways and under bearish pressure. When BTCUSD drops into a higher degree correction, ALTcoins will probably face another bigger sell-off.
One of those weak ALTcoins is definitely NEOUSD, which we see it trading in a deeper, higher degree a-b-c corrective decline. Current slow price action and corrective wave structure looks like a consolidation as part of a bearish running triangle formation in wave "b" before we may see another drop into wave "c" down to 9.0 - 6.0 support zone.
The main reason is definitely NEOUSD Longs/Shorts ratio chart, which is still trading at the upper side of a range, at the resistance zone. It means that there are a lot more long orders opened than short orders and that's why bulls might not be ready yet. As you know, usually the opposite happens. So for a bullish view, we need to see that ratio back to the lower side, at the supportive zone, so ideal buy opportunity would be definitely at lower prices.
Be humble and trade smart!
If you like what we do, then please like and share the idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Today we will talk about cryptocurrencies, specifically NEOUSD, its price action from technical standpoint and wave strcuture from Elliott Wave theory.
Well, we all know the king BTCUSD is in a massive rally, but this si mainly because of BTC.Dominance, while other weaker ALTcoins remains slow, sideways and under bearish pressure. When BTCUSD drops into a higher degree correction, ALTcoins will probably face another bigger sell-off.
One of those weak ALTcoins is definitely NEOUSD, which we see it trading in a deeper, higher degree a-b-c corrective decline. Current slow price action and corrective wave structure looks like a consolidation as part of a bearish running triangle formation in wave "b" before we may see another drop into wave "c" down to 9.0 - 6.0 support zone.
The main reason is definitely NEOUSD Longs/Shorts ratio chart, which is still trading at the upper side of a range, at the resistance zone. It means that there are a lot more long orders opened than short orders and that's why bulls might not be ready yet. As you know, usually the opposite happens. So for a bullish view, we need to see that ratio back to the lower side, at the supportive zone, so ideal buy opportunity would be definitely at lower prices.
Be humble and trade smart!
If you like what we do, then please like and share the idea.
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Comment:
Despite the fact that NEO is currently on the rise, the whole structure still looks like a correction, ideally an irregulat expanded flat in wave "b" before we may see a drop into wave "c". Here is an update:
