NEO Breaks Out On Enormous Volume

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Pretty self-explanatory. I'm tired of typing for today, so let's keep this short.

I bought NEO at 2030 with all my TRX (which I bought much lower). I expect NEO to continue its uptrend for now. We're consolidating nicely and building support in a previous MAJOR resistance zone (in red). If we can hold this area, I expect us to head towards the next targets, in green X's. I'm holding NEO long term. Yes, we can revisit lower supports, but currently price action looks very strong, with volume to support it.

We also bounced off a major support in USD value ($5-6). I was looking for a sign of strength after we reached that area, and had been wanting to enter a position on NEO since it was in the $16-30 zone. It looked too weak there so I patiently waited. So far, it was a good move.

This is not financial advice. For future reference and educational purposes earlier.

-Victor Cobra

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ملاحظة

If for some reason Bitcoin fails to maintain its bullish structure, NEO can head back to the 2150 support.

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ملاحظة

The 2300 ideally should hold, if we're going to continue up from here. Otherwise, we'll have to consolidate for a while longer at lower levels, potentially.

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ملاحظة

NEO is starting to look weak...but looks can be deceiving. We're still holding relatively above a previous major resistance zone turned support. This is either a wedge or a descending triangle. Looks like a descending triangle, which would mean we break down towards 2150. However, NEO's recent bullish price action says that this is less likely.

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ملاحظة

Another thing - a pattern I've been noticing in the market recently is taking coins below supports or above resistances quickly in fake moves to take advantage of traders and scoop up supply from them. With that in mind, NEO could make a low that seems like it would be breaking down, but is actually just a shakeout. Likewise, a higher high could happen before going back to support. Then the true rally would occur, taking it higher than people are expecting.

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As I mentioned in this analysis, NEO should have held 2300 if it was to remain mid-term bullish. Unfortunately we broke below, and found support around 2150 as I suggested would probably happen. Things aren't looking too great, though we do have support at the pink uptrend line. If that breaks, we may actually see new lows. The ultimate low target for NEO during this bear market would be around $3.70 (based on the USD log chart). I thought it was likely that we'd avoid those lows, but I'm not convinced anymore, as NEO has failed to break and hold above major resistance. I guess we'll see how this unfolds. The bulls need to surprise us here and take us back up.

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ملاحظة

And it looks like the bulls have indeed fought back! We need to head back above 2300 ideally though. I'm actually going to do a separate post on accumulation, and how i've been able to spot it recently. Whether or not the bottom is in remains to be seen, but I'm not surprised to see this price action today, given what's been happening in the market since Bitcoin broke out of its falling wedge.