TiborVrbovsky
Long

NEO Buy Opportunity.

BITFINEX:NEOBTC   NEO / Bitcoin
Hey!
I am back with another Chart.


This time I found great Buy oppoturnity on NEO.
For the past days, NEO has been struggling, -20% in 7 days, -40% in 4 weeks.

About the chart.


NEO was in a downtrending channel. NEO has fallen from this channel, and for 6 days tried to come back to this channel, unsuccessfully.
Today, we hit Medium support level and also 150MA, that we have bounced so far.
There are lot of closed candles, right on this support, which is a good sign, It means the price is holding, And when price is stagnating on such a low level level often its a price movement upwards, just as when we was hitting bottom of the channel, we fall 20%.
For the real breakout, Back to old levels, first BTC has to show real bullish signs.

There are few options, that can happen.

A - Back to channel, touch ressistance, consolidate at its way to to the top of channel.
B - Touch the channel, back to support which could mean another great buy opportunity, then back to channel touching ressistance, consolidate and slowly to the top, either break or continue moving in this channel.
C - very unlikely but still a option, we can fall to last known strong support.

Indicators

150 Ma bounced.
RSI has bottomed for now, we can still see double or triple bottom, so be awared of this.
BB are showing lot of growment possible, the middle of BB is perfectly going in the channel.

I hope my chart has made you some things about NEO clear, and you know now, what we are on.
If you agree or dissagre, please, let me know in the comments down bellow.
Likes are appreciated.

If I will get a little bit of attention, I will update.

Thanks for your time and good luck trading!






Mar 16
Comment: you can see the touch o 150MA, also we are on support again, good time to buy.
Mar 19
Comment: Slowly, but surely headed back.
Apr 12
Comment: Moving into higher channel.
Hopefully it doesn't drop to 6232.
+1 Reply
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