#NEO #NEOBTC #cryptocurrency setting up for a swing higher
after showing some signs of continued support at the 0.236 Fibonacci level. Would expect a near-term move toward 0.008s, consolidation, then push higher with a swing target near 0.01. Even though Bitcoin is bearish, bringing the overall market down, many cryptocurrencies vs. BTC are maintaining their stability. This implies that, at this moment, most people are holding for longer term investments, with minimal trading. However, this creates thin markets, so while a coin can be stable for these reasons it can become very volatile, especially if fundamentals change. Given the current environment I see NEO either slowly losing value (reason to position size in for longs) or gain tailwinds as new coins utilize the platform or Asia opens up more.
Targets shown provide OK risk/reward ratios, but throwing bids as close to 0.007 as possible will optimize your entry. However, over the past few days I would expect some bounce, on relative terms, for the general crypto market and therefore an optimal entry might be too late. The next one would be at consolidation off the 0.236 Fibonacci level in which a higher low is made. RSI can be used in this case to estimate consolidation points for entries. Of course, risk management is key when Bitcoin is hanging around in the 6000s, making a move to 5k and below considerably more likely than weeks before.
Targets shown provide OK risk/reward ratios, but throwing bids as close to 0.007 as possible will optimize your entry. However, over the past few days I would expect some bounce, on relative terms, for the general crypto market and therefore an optimal entry might be too late. The next one would be at consolidation off the 0.236 Fibonacci level in which a higher low is made. RSI can be used in this case to estimate consolidation points for entries. Of course, risk management is key when Bitcoin is hanging around in the 6000s, making a move to 5k and below considerably more likely than weeks before.