Neo is fighting back, but on low volume. Neither ADX or MACD suggest there is any strength in the current upward movement. Stoch RSI shows it has been oversold on this low volume, hence it is more likely to go down than not. OBV has also been going steadily down. It is also likely that the previous two lows were part of a finished ABCD pattern that failed to reverse the market.
It is also trading under the previous downtrend resistance line, which with the help of fib time zones takes us to the timeframe of 2 days from now. I suspect it is likely to land within the 0.5 levels, but wouldn't shy away from an optimistic buy order around the 0.6 level.
If you trade it manually, you should have a better idea of the best possible purchase price around that time.
Please share your observation to complement mine. Thanks. ------------
Below is my hunch-based theory.
Just a hunch, but I won't rule out the possibility of a massive sellout. There have been 3 failed pushes upwards, and on such low volume it almost looks like the market may as well sell itself off real soon. If that happens, 0.7 is the next possible buy target. Be vigilant.
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I would extend the wait time by 12 more hours or so. If it breaks through the upper resistance line, depending on the volume it may be a signal to buy for traders.
For long-term investors as well as those who don't hold any NEO, I would stay away in case of an upward movement unless there are obvious external factors (news, announcements) driving the price up.
What is everybody doing right now?
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Everything points to a ranged market. The price will hover between 0.008 and 0.0095 for now. Where it goes from there is anybody's guess at the moment. Judging by the technical analysis, it would be more logical for it to go further down.
That said, logic is not an inherent quality of price action, so go figure.
I am looking at it now and you really think its going to drop that far?
HumbleDumbell
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@picklerants, I placed my order at 0.0075, which in my opinion has a fairly low probability of happening now.
florisNL
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@HumbleDumbell I also wouldn't be surprised if it went down a bit further. Not because of fundamentals, but because many people (new to/) in crypto are looking for 10x returns overnight. They might sell now due to 'losing faith' but will certainly regret it in a couple of months when NEO will be a top5 coin (and they bought ánd sold some while they were cheap; now).
Better for NEO if these people stay out of it, and others with a more long-term view get in. Result is a more stable price, less swings in price etc.
Good luck on buying in the dip ;)
HumbleDumbell
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@florisNL, It is the 90% of those who lose money that make the profits of the 10% who win)
mysticyak
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Interesting take. I could feel that NEO was super bullish for past couple months. I rode it many times into big gains.
Even the slide down from ATH felt bullish... maybe sheer neglect due to BTCs mega rally.
It was second only to BTC in Volume on Bittrex yesterday.
With all the talk / Hype about NEO and generating gas... what in your opinion would cool it down?
HumbleDumbell
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@johannwolf, I don't know. It is driven by a lot of positive sentiment, and there is a lot of support from the Chinese, and that's power.
In terms of its evaluation, it is really similar to Ethereum - there is no real product yet (Ethereum only does ICOs as far as I know), but people like it and believe in it and hold onto it. At the moment, other than normal market fluctuations, the only thing that can bring down NEO is NEO itself - if devs screw it up in some way.
uknowsam
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@HumbleDumbell RSI (not stoch) is getting slowely up on 4h chart