Looking at the lifetime chart of NEO, obvious uptrend with possibility to reach new ATH in the next several weeks. All time uptrend support wedging in with resistance at Fib. 0.618. 3 tests of resistance, priming for significant breakout. If the support holds, I'll wait for breakthrough of the Fib. .618. If it breaks through and the price is near the EMA 20, I'll buy with stop-loss just under the Fib. .618. If my predictions ring true, that line will function as the new support. Please post your opinion if you believe it would be better to set the stop-loss just under the longterm support line. This would increase risk but possibly be a more viable support for the movement which will take place.
If the price breaks through the lower support, I will have a bullish stance on the next phase for NEO. This is my first TA.... entered this world of trading about 4 days ago. Would appreciate any feedback on this!
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Mean to say bearish at the end there... if it breaks through long=term support.
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Update: Seems to be breaking below the upward trending all time support. It may be retracing back toward the fib .786.. perhaps to retest the high of the first breakthrough peak back on June 19. May pump upward from there, or it may break through the fib .786 support in which case its more bearish.
Seems to be bearish unfortunately.
Do you think NEO will rise within this week?
Oryan
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@ddvniek, I'll be keeping an eye on it today and tomorrow. When I watch at 4 hour candles, it looks like it has just tested the long-term uptrend support, and may be bouncing off and back up, but too soon to tell for sure.
My understanding of laying fibs on charts is that the the 0% should be matched to the highest extension of the breakout (in this case around 0.014). Just curious why the o on your fib is at 0.0213? Not a criticism, I am also no expert, just wanted to clarify in case I am also doing something wrong. Cheers
Oryan
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@joedotcom, You're totally right about that.Your question lead me to do some more research and I found this gem of a video. It goes into a lot of detail about fib and other retracement patterns and related tips.
I guess I should classify my chart as more of an interesting projection rather than a true TA. I'm using a bit or creative flair in this one by matching the highest extension of the fib to an imaginary point in a potential future breakout, and observing how the chart interacts with the Fib lines as support of my hypothesis. It's neat to see how the previous pumps met resistance at a few key Fib lines. Is this really weird or unusual to use tools like that to make projections? I ask honestly, not sarcastically. I want to make sure I'm using tools and making projections in a way that's consistent and clear, and I'd rather save time rather than spend it on endeavors that won't give accurate results and win trades. :) All feedback appreciated.
UnknownUnicorn1189381
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@Oryan, sure I understand. Try flipping/inverting the Fibonacci so that the 0.0 line matches to the point of the initial breakout (I think if you right click on the object in trading over it will give you the option to invert). Then fix the 100 line to the max extension of the breakout (0.014). Then you will see automatically above that 100 line there will already be fibonacci extensions and these could be considered as price targets.
Oryan
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@joedotcom, Ahhh I see what you're saying. I just did that and it did slightly adjust where the lines lay. Are you sure its always drawn from top to bottom like that? I want to make sure I really understand. Really appreciate your constructive comments, @joedotcom . I should note that when I flipped the fib inversion it didn't seem to make a significant change to the overall prediction, although a few lines did slightly move.
UnknownUnicorn1189381
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@Oryan, no worries. Yes it's my understanding that fibs should always be drawn from top to bottom of breakout or breakdown for them to be most accurate. See attached the chart I use for NEO'.
@joedotcom, This is super helpful. Thanks so much!
Oryan
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@joedotcom, One more question... Do you see an inverse correlation between bitcoin and alt coins? IE, is the downtrend on NEO and other alt coins due to traders cashing in their alts to acquire more bitcoin as it spikes upward?
Do you think NEO will rise within this week?