nicostran
Long

NEO/BTC Bullish Div. Possible Bottom and Reversal

BITFINEX:NEOBTC   NEO / Bitcoin
NEO / BTC Bullish Divergence on the 1D Chart and RSI . RSI has been making higher lows, and yet price has pushed sideways.

I've also identified some historic support (blue) and resistance (red) levels to watch.

The price has been ranging sideways for some time now. On top of that, an ABC correctional wave may have taken place, if you are familiar with Elliot Wave Theory. (note: this theory is good for analyzing previous price patterns, but I do not like it for price predictions. It's just too easy to chart them incorrectly.)

There is never a guarantee in the market, but it looks to me like the highest probability break from the current consolidation is to the upside. That is why I have decided to take up a medium sized position here (6%)

I am currently finding positions for the mid to long term, based on where we are in the market cycle. Therefore, I have not been posting target price ranges, but instead the resistance levels to watch, so that you can decide for yourself if you would like to sell at a given level.

Look at the volume , moving averages, and bearish candle reversals on longer time frames like the 1D, 4H, and even 1W to help you decide if you want to sell at a price level, and how much (I usually sell somewhere between 25% and 50% at a price level that I like). And please, do not sell unless you are either in good profits or are breaking strong support under bearish market conditions (If I see this, I will update). You could also use a Stop-Loss.

Overall, the setup looks really nice for long term growth.

Good luck traders :)
Oct 11
Comment: We are moving for a test of our first support line in blue. Watch carefully
Oct 15
Comment:
Oct 15
Comment: NEO is now revisiting old support levels, both in price and in the RSI.

However, this isn't bearish yet, since we have not made a lower low yet.

I am cautious on this trade, however. If you want to place a stop below our last low, you can do that.
Oct 15
Comment: But, I would like to point out... the RSI at the last low was a bit lower than the current RSI at a similar price level. I am curious as to how this will play out.
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