bluebeach2010

NEO/BTC a Beautiful Freefall

BITFINEX:NEOBTC   NEO / Bitcoin
Looking at daily chart of neobtc , you could see before the candle that pierced the trendline , neo still consolidating and trying to make a stand above it. Shortly after it confirmed (bubble text FAIL) the price drop sharply until now. What interested me is that although i count there were 6 red candle with solid body and relatively no tail. Usually this kind of correction were supported with the increasing volume . Yet the volume still quite low compared with the average volume (orange line). I smell fishy in here, which maybe the whale were expecting to scoop this beautiful in the lower level.

From the pattern, it seems like the price is currently on the wave 3 of elliot wave and still inside the downtrend channel and touching the lips of the support as i'm writing this. From the purple stripe line (taking from the fib level), there's a chance that the price would start to bounce once it enter the buy zone (0.00798 - 0.00694) to form wave 4 with the possible to end up on the red trendline then go back down again. This scenario would be invalidate if the price manage to breach the trendline .
Comment: neobtc is entering the buy zone. There's a big chance that the wave 3 is gonna be extended until the 0.0069 (previously wave 5 TP) before it's reversal
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