Congrats Twitter Voters! NEO!!! (NEO) =D

Hi friends! Congratulations to my Twitter followers, who won this week's analysis vote, by voting for NEO! Let's jump right in! Looking at the four hour chart, we can immediately see that NEO has been producing some gut-wrencingly high volatility . In the past seven days, it has fallen from 170 to 64 — a 63% loss. However, within the last to days, the price has nearly doubled. This wild volatility appears to be here to stay, so keep that in mind, if you're planning on trading NEO. It is NOT for the faint of heart.

As you can see, NEO is in a downtrend channel , and the bears remain in control. Near the end of the recent sell-off, it broke down through the bottom of the channel, and found immense support at the 78.6% retrace. We can see that a bullish crossover appeared on the MACD , as price exploded higher into overhead resistance. As you can see, the midline of the downtrend channel has been very resistive, when NEO has traded under it. There were many occasions where NEO failed to rally above the midline, and that's where we are at this very moment. In addition to the clear resistive nature of this midline, we can see that there is a convergence of resistance here. Particularly, we have the 50 EMA (in orange,) the 200 EMA (in purple,) the 50% retrace, and the midline resistance. If you look closely, you can see that NEO is actually slightly above the 50 EMA , and the 50% retrace, but the other resistance levels are just above. Looking at the volume , you can see that it has been falling during the entire advancement from yesterday's low, indicating a deceleration in bullish participation. Here is where the HYPOTHETICAL visionary work comes into play. It is possible that NEO gets stopped by the resistance here, and reverses to form the right shoulder of a head and shoulders pattern (blue inverse arc.) You can see how the dashed black trendline , could eventually become the neckline of such a pattern. Conversely, however, the current price action does resemble a bull flag . Ultimately, we need more data to know if an inverse head and shoulders pattern is forming. This is purely a hypothetical assessment. With that said, if NEO turns lower, then we can watch to see if a right shoulder forms. A break above the midline, could slightly change this analysis.

On the MACD , you can see that it's rising into falling resistance (orange dotted trendline .) This tells us that the momentum may reverse, if the falling resistance is respected. That's perfectly inline with the hypothesis of a reversal to form the right shoulder of an inverse head and shoulders pattern. You may be wondering why I'm anticipating the creation of an inverse head and shoulders pattern, as opposed to just a lower high inside of the downtrend channel . Honestly, my bullish intuition has manifested from other areas of the market. I see that many assets are trying to bottom here, so an inverse head and shoulders would fit well with the bottoming market theory. However, THIS IS ONLY THEORY! Until we see more data on the chart, that confirms the formation of a right shoulder, this analysis is purely visionary. Usually, I reserve this sort of highly speculative analysis for my personal charting, but I've decided to share it with you, so that you can observe my methods. This is the same method that I used to project incomplete head and shoulders patterns in ETH, XLM             , and others. When it all boils down, we're slamming into one of the strongest resistance levels on this chart — the midline. If NEO fails to surpass it, we could end up trading all the way back down to the pink trendline , to potentially create the peak of the right shoulder. If this does end up being an inverse head and shoulders pattern, it would likely lead to a breakout above the top of the downtrend channel . Stay on your toes traders! And good luck!

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media!
hi , can you please update at current day? thanks mate
+4 Reply
Are you on euphoriant drugs or something?
Thx for doing a Neo post :)
I'd really appreciate if you could update your idea. Thanks!
I like your analysis of the alt coins. More technical than most and with good data to back it up. Here comes the criticism. Problem (or solution) is that we can all analyze with some tools and some common sense and play pin the donkey. There is some good data out there to do so. the problem is that there are so many people trading that do not know what they are doing. It makes it a scary game. Its like playing two man (person) beach volleyball. You know the drill even if you do not play. bump, set, and spike. Well two people come up and challenge you that do not really ever play the game. They run up and spike your serve back, hit the ball flying backwards on two with a backhand falling into the net. They beat you and you scratch your head. The point I am getting to, which has been brought up many times, is there are no rules. There is not bump set spike, net calls , ball spins, and etc. You cant predict this market. Its even worse now that the big boys are in and they can play dirty. If you are going to be a "shot caller", at least call a shot and tell us your prediction. Up or down. Please spare us with the good luck BS. That gives you the excuse to be right or wrong just like the weatherman.
ss44 PRO ekjinvests
@ekjinvests, well based on the forecast expect things to go down in the immediate future then see if the right shoulder forms. if it looks like it is expect a break out even further up. then re-evaluate the charts and see what's good.
you were right about downturn!!! Great TA!
Larvlee Jubliee : ) Top charting again Mr. Poop!
What is your twitter handle? Tried majicpoopcannon....did not work?
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out