NEO - Current Correction is Overplayed
I'd wait for it to fall from it's very small rising wedge at the bottom to hit resistance at 274000 Sat for new entry. Although, Buy walls forming make a push downward a tough one. It is still in the bullish zone, and a bounce off of the 40 RSI mark will indicate that this is surely going higher. I don't have a target. But indicators tell me that there is a chance for a new high. Check 3 hr chart for RSI. The last peak was stronger than the previous one. This makes me bullish for a retest of highs.
Alts are stealing the show from Bitcoin dude. I might go all in on TETHER!! Heard their returns are great :D
Alts are stealing the show from Bitcoin dude. I might go all in on TETHER!! Heard their returns are great :D
Trade active:
I'm gonna say trade is active for now. There are many scenarios going on right now between a channel and a rising wedge, and short term outcomes could be very different. I don't think we are going to hit 270k Sat again. I would target 55 EMA on 30,15, and 5 min scales for entry points between 292k Sat and 285k Sat. Not sure how low it will get.
Trade closed manually:
Guys I'm closing this trade. I just did a wave count and Indicators tell me that this correction will loom long, you may be able to profit off of a short bounce here, but it will be denied soon. Wait for a new entry, and I will update with new targets!
Trade at your own risk.
Thanks!
Trade at your own risk.
Thanks!
Comment:
Entry Level:
$40.26 - $44.69
Target 1:
$65.93
Target 2:
$73.32
Possibility to go higher, possibility to fall short of targets.
Stop Loss:
$34.59
(From Top of Entry to Target 1)
Chance to Gain: 47.23%
Chance to Lose: 22.64%
RR: 2.09:1
Time Frame: Days
This is a higher probability trade, above 65%. High Risk High Reward.
Target 1 can be hit only IF the market stays healthy. Always a chance something can happen, causing the targets to not be reached.
An aim for target 2 will increase chance of higher return by 16%, but will increase overall risk. Hopefully this helps you all out. But i don't think NEO will be going higher within the next day or two.
$40.26 - $44.69
Target 1:
$65.93
Target 2:
$73.32
Possibility to go higher, possibility to fall short of targets.
Stop Loss:
$34.59
(From Top of Entry to Target 1)
Chance to Gain: 47.23%
Chance to Lose: 22.64%
RR: 2.09:1
Time Frame: Days
This is a higher probability trade, above 65%. High Risk High Reward.
Target 1 can be hit only IF the market stays healthy. Always a chance something can happen, causing the targets to not be reached.
An aim for target 2 will increase chance of higher return by 16%, but will increase overall risk. Hopefully this helps you all out. But i don't think NEO will be going higher within the next day or two.
Trade active
Comment:
This trade is only active because it hit our correction target. I do not expect this correction to finish until Bitcoin starts correcting from this current run on wave 3.
Trade closed: target reached:
LEMME GET A HELL YEAH!!
Guys we just hit our target 2!! Our target was $73.32 and it just hit $73.52.
If you got it from the bottom to the top of the run we are looking at a MASSIVE 46% return in less than 2 days of the trade being active! Congrats if you got in on that! I just did that one for fun and never bought in when it hit our target box.. should of though :/.
Anyways, this thing can very much go higher on this run. I'm just closing the trade because it hit our target 2! I may do an another analysis on it ONLY if I think it has juice for another subwave after it corrects from this run.
Guys we just hit our target 2!! Our target was $73.32 and it just hit $73.52.
If you got it from the bottom to the top of the run we are looking at a MASSIVE 46% return in less than 2 days of the trade being active! Congrats if you got in on that! I just did that one for fun and never bought in when it hit our target box.. should of though :/.
Anyways, this thing can very much go higher on this run. I'm just closing the trade because it hit our target 2! I may do an another analysis on it ONLY if I think it has juice for another subwave after it corrects from this run.
Comment:
NEO IS NOT DONE!
First of all, We're forming a doji on the 3hr hour chart, so the next candle may be a shooting star (meaning the possibility of a retest for that new high). Nonetheless, I don't think this run is over, after analyzing the peak of wave 1, I just can't see this as being it for wave 3. So,
I present to you:
Target 3: $87.06 - $94.56
Precise Target: $91.99
New Entry: $56.67 - $61.94 (or possibly higher)
Stop Loss: $52.95
RR: 5.19
Chance to Lose: 10.60%
Chance to Gain: 54.98%
Targets may adjust depending on if NEO hits this shooting star.
Remember to always keep risk management a priority! Primary wave 1 caught a lot of people off guard because there were only 2 subwaves and not 3, so the possibility is still the same, but I just don't see it here.
NEO IS NOT DONE!
First of all, We're forming a doji on the 3hr hour chart, so the next candle may be a shooting star (meaning the possibility of a retest for that new high). Nonetheless, I don't think this run is over, after analyzing the peak of wave 1, I just can't see this as being it for wave 3. So,
I present to you:
Target 3: $87.06 - $94.56
Precise Target: $91.99
New Entry: $56.67 - $61.94 (or possibly higher)
Stop Loss: $52.95
RR: 5.19
Chance to Lose: 10.60%
Chance to Gain: 54.98%
Targets may adjust depending on if NEO hits this shooting star.
Remember to always keep risk management a priority! Primary wave 1 caught a lot of people off guard because there were only 2 subwaves and not 3, so the possibility is still the same, but I just don't see it here.
Comment:
The edited version didn't upload, so here it is.
The edited version didn't upload, so here it is.
Trade active:
I wish I had more time to give you guys a heads up on this one. But we should be getting a bounce VERY soon. I have the entry box listed and a target of about $1.04. $60.37 and $66.53 are our entry levels. We're looking at a possible 125% gain here.
Target box starts at $100.05. This trade is contingent on the fact that Bitcoin rises here shortly, or at least stays around its current price. I am waiting for Bitcoin to double bottom with bullish divergence before I enter on this trade. It looks like it's working on it's last wave down before it goes up. Set stop losses at the top of wave 1! Good luck guys, and sorry for this last minute update! Almost forgot about this one.
I wish I had more time to give you guys a heads up on this one. But we should be getting a bounce VERY soon. I have the entry box listed and a target of about $1.04. $60.37 and $66.53 are our entry levels. We're looking at a possible 125% gain here.
Target box starts at $100.05. This trade is contingent on the fact that Bitcoin rises here shortly, or at least stays around its current price. I am waiting for Bitcoin to double bottom with bullish divergence before I enter on this trade. It looks like it's working on it's last wave down before it goes up. Set stop losses at the top of wave 1! Good luck guys, and sorry for this last minute update! Almost forgot about this one.
Trade closed: stop reached:
It hit our stop loss... I still see another wave. So you may want to be patient on this one. It will surely reach over $100. I just don't know when.
Alright so here are the new targets. I don't like elliot wave analysis in Bitcoin denominated currency, so this is for the dollar value.
Previously, on the Primary wave 1, there we're only 2 subwaves. So I am going to assume the same for this one. I will also assume a conservative 1:1 extension for wave 3, which will fit the analysis of 2 subwaves here.