ShounakShetty
Short

NEO, Winter is here!

BITFINEX:NEOUSD   NEO / U.S. Dollar
For thousands of years the old sages have been warning us that Winter is coming and the Bears (Dead) shall walk this earth again. All the Bulls like Eddard, Catelyn, Robb and Rickon paid so attention to them. We know how well they fared.
Now for the short term we are gathering every living sword to the North at the Wall. But our chances of stopping the walkers seem as thin as Arya's Needle. These brave swords might just populate the horde instead of stopping them.
Our fate lies in the hands of The Prince That Was Promised. But he shall enter the battlefield only when the Walkers have reached South at DragonStone.
And when the time comes, We will make our Last Stand with John Snow, The King In The North!


Alright enough of theatrics. Let's get onto the Technicals.
So we've had a Wave Failure yet again. Many TA's will tell you that we are in a Triple Correction but that's just not possible. The waves do not meet the requirements. We are in a larger Double Wave Correction as can be seen in the above chart.
For the short term I see a rally to maybe $34-$38. But there we face heavy resistance and the market does not show enough strength to break out of it.
So given the situation, we can safely assume that we shall breakdown from thereon.
I expect us to go as low as $10 before a reversal. On our way South... I mean down, we face supports at 30 (which has been pierced once so its weak), 25, and all multiples of 5.

If $10 is broken then we will have yet another failure and I will be of the opinion that crypto pump was nothing but a penny stock Pump and Dump. I am not a Perma-Bear nor do I enjoy spreading FUD. I've been posting many ideas for NEO has talking about many levels that should not be broken. All have failed so far. I refuse to sugarcoat it just because some can't handle the truth that they've been hodling NEO since $80-$90.

So respectfully, Don't Kill The Messenger.
Comment: So its been a month since the post and we've only had sideways movement. Ups and Downs but we are back where we started.
As we can see, NEO is stuck in a bearish pattern (or an ABCDE correction).
I'm still holding my short positions open from $80 and I scalped Wave D and part of Wave C. But if you're looking for an entry then I'd wait for this triangle to show the direction instead of predicting (Do Not Go All IN).
The range of $30 - $40 is a no trade zone. Trade only if you are adept at risk management.
Comment: Wave E of the Triangle does not have a profitable R:R so I would suggest avoiding it
Comment: Posted a shorter timeframe update here,
Trade active
Comment: This time we'll probably drop fast
On the smaller timeframe we can see that we broke out of a smaller triangle. Short term target would be $26.

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