NEO/USD Strong potential for bullish movement - LONG!!
NEO/USD has developed a strong ascending support on the 2H (dark blue line).
Facing some resistance on the 1H (light blue line), however this is expected as it was previously a support when it crashed from $16 to $3.
It is also breaking out of a larger triangle on the weekly.
The fibonnaci retracement and expansion levels match perfectly, and are useful when helping us decide our take profits.
TP1 = 11.91 (always take profit before strong psychological numbers, or even numbers, as this is when other holders are likely to cashout, and your take profits will not be met).
TP2 = 14.20
TP3 = 16.82 (recent high plus matches perfectly with our analysis).
TP4 = 100+
With an ATH of $198, Neo is not even close to reaching its potential. As long as Btc stays stable or rises, Neo should follow suit, even pulling ahead, to catch up to its past.
Due to the strong support created, the accumulation zone right now would be around 9.50-10.8, perfect time to buy to get maximal returns. Going long could yield some serious results.
As always, any comments or advice on the analysis used is greatly appreciated, and encouraged.
Facing some resistance on the 1H (light blue line), however this is expected as it was previously a support when it crashed from $16 to $3.
It is also breaking out of a larger triangle on the weekly.
The fibonnaci retracement and expansion levels match perfectly, and are useful when helping us decide our take profits.
TP1 = 11.91 (always take profit before strong psychological numbers, or even numbers, as this is when other holders are likely to cashout, and your take profits will not be met).
TP2 = 14.20
TP3 = 16.82 (recent high plus matches perfectly with our analysis).
TP4 = 100+
With an ATH of $198, Neo is not even close to reaching its potential. As long as Btc stays stable or rises, Neo should follow suit, even pulling ahead, to catch up to its past.
Due to the strong support created, the accumulation zone right now would be around 9.50-10.8, perfect time to buy to get maximal returns. Going long could yield some serious results.
As always, any comments or advice on the analysis used is greatly appreciated, and encouraged.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.