Ahhh here we go. This was one of the most dramatic turnarounds of any coin (aside from IOTA) over the last couple of months. NEO broke down from its uptrend, but was quickly saved by buyers. As I said was likely in my last analysis, it has ventured towards the top of the channel (near $16). However, it must first contend with the major horizontal resistance from its previous run. If the market decides to correct here, NEO can drop all the way towards $10 again and stay bullish. However, altcoins are simultaneously exerting a lot of buy pressure on their resistances. Think of it as a battering ram. Eventually the door will fall. If NEO breaks the horizontal resistance (current price) AND the channel....there's mostly air until the $20-30 range.
What's really crazy is that IF NEO can somehow break back into its previous uptrend (pink line - currently around $27), there isn't much resistance above it at all, and it can attempt to get back towards its All-time-high. Obviously this is just speculation. The market may indeed see a pullback here before it can bulldoze these altcoin resistances. Or it could fail entirely. Anything is possible. This is why this is not financial advice.
Linked below are my previous posts about NEO. I called the breakdown towards the $5-6 area in November before it happened. I also suggested that although NEO ventured to new lows against Bitcoin, it was very possible that it had already bottomed against the U.S. Dollar. I was wrong, however, that it would continue to move up against Bitcoin. That drop was not something I anticipated. Anyway, that's it for now.
-Victor Cobra
What's really crazy is that IF NEO can somehow break back into its previous uptrend (pink line - currently around $27), there isn't much resistance above it at all, and it can attempt to get back towards its All-time-high. Obviously this is just speculation. The market may indeed see a pullback here before it can bulldoze these altcoin resistances. Or it could fail entirely. Anything is possible. This is why this is not financial advice.
Linked below are my previous posts about NEO. I called the breakdown towards the $5-6 area in November before it happened. I also suggested that although NEO ventured to new lows against Bitcoin, it was very possible that it had already bottomed against the U.S. Dollar. I was wrong, however, that it would continue to move up against Bitcoin. That drop was not something I anticipated. Anyway, that's it for now.
-Victor Cobra
Comment:
Rejection at the top of the channel and selloff back below the horizontal resistance. It's possible now that NEO heads back to the channel support, around $10. If that fails to hold, we likely haven't seen the end of the bear market for many coins. No need to panic yet though.
Comment:
Looks like NEO is actually looking more bullish - since it failed to break down towards the bottom of the channel, and is slowly building support at a previous major resistance level ($12.70-13.00)
