This idea is very tentative since we aren't seeing any positive price movement so far, and also due to BTC's current decline. However NEO holders have an upcoming airdrop of NNS tokens with a snapshot due on the 27th June - typically this would have already seen a price rally, hence the tentativeness of this idea! But it is on my watchlist regardless.
The day chart shows bullish divergence and an oversold RSI like the majority of alts right now. Similar can be seen on the Stoch RSI, CMF, MFI, Chaikin and MACD histogram (not shown). While obviously there is still strong selling, traded volume has increased over the last week
Another interesting point of note is we are very close to seeing a bullish Gartley, a strong harmonic pattern. The price would be expected to fall to the 78.6% fib region to complete this pattern and then to confirm it with a strong reversal candlestick pattern. However there is some flexibility. Regardless of whether the upcoming airdrop affects the price, the possible completion of this pattern is worth watching.
On the 4 hour we are seeing the same divergences and are running along the bottom of the bollinger bands, and have seen this for the last few days. We are nearing the apex of the falling wedge which is a bullish pattern.
I won't take this analysis to lower timeframes than this - in summary - there are many bullish considerations on this chart, coupled with the airdrop, however there is not yet any confirmationTrade this at your own risk, wait for confirmation in the candlesticks and upturns/crosses on the indicators - and watch BTC!
NEO did in fact complete the bullish Gartley bypassing my original buy point at 5k. It has now rebounded well breaking the smaller wedge and is heading for the upper wedge.
While RSI is overbought, volume is excellent, and there is no divergence apparent as yet. If you are in already, watch for a take profit at the wedge, approx 5500. Or if you are looking to get in, watch for the wedge to break and confirm at the top of the cloud.
vincezyxw
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Thank you Elisa for investing your time in me.
Cryptolomist
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Thank you, will be keeping an eye on this along with the confirmation of the NEX ICO date. The Apex (CPX) ICO drove the NEO price up towards the end of January and I'm anticipating that the NEX ICO will do the same, even in the bear market, since it's a more prominent project than Apex.
@Trader-Elisa, solid project from the team that brought us the Neon wallet. I for one sold my NEO into USDT at around $50 (phew) and will need to buy back in for the ICO.
While RSI is overbought, volume is excellent, and there is no divergence apparent as yet. If you are in already, watch for a take profit at the wedge, approx 5500. Or if you are looking to get in, watch for the wedge to break and confirm at the top of the cloud.