Just a quick look at one of the other alts I've been following. NEO has underperformed a bit - somewhat similar to Litecoin, but it's pushing up against a major historical resistance level. This was the level that was tested on the first dump of the 2018 bear market. A lot of other alts from this period are retesting similar levels (including LTC). The following analysis can be expanded to other altcoins. But NEO is unique in the sense that it just upgraded and has significant funding/development/usage, compared with other projects that may be more highly valued within the market. The GAS token has also risen in price, which I think is bullish for the NEO network.
Here are some of my older NEO posts:
Calling $32-45 a little early
Breaking the bear market downtrend:
And here's an older one, but ended up being a bad call, in the short term.
What's happening with NEO now?
The weekly Moving Averages look extremely bullish, and they haven't even perfectly aligned yet. The 50 and the 100 still need to cross above the 200.
As for the daily, they are bullishly aligned. If the market decides to make a correction, it can retrace to the 100 day MA (yellow) and still remain bullish, as long as it doesn't break below. It's all the way down near $32.
In terms of targets, the next resistance is around $95, followed by all-time high. Let's see if it can get there!
NEO/BTC bounced from a very strong long term demand zone, and is now above the 200 day MA (teal). Because this is a long term higher-low, BTC ratio ATH is not out of the question, as absurd as it sounds.
On the weekly, it's also right up against the 100w MA (yellow) AND the 50w MA (red). If it breaks above these, it could signal the beginning of a big cycle against Bitcoin. On-balance volume has been on a steady incline for a while, showing some accumulation. This tells me there could be some hidden extreme bullishness for NEO.
I'm just posting this to see where this ends up. I'm speculating that many oder alts (like NEO, XRP, and LTC) can begin making some new all-time highs, propelled by a decline in Bitcoin dominance. You can read my recent posts to see why I think this might be the case. Of course, I might be wrong. I don't have any initial risk left on the table, so I feel comfortable waiting to see how this plays out.
This is not financial advice! I'm posting these for personal use and speculative fun.
-Victor Cobra
Here are some of my older NEO posts:
Calling $32-45 a little early
Breaking the bear market downtrend:
And here's an older one, but ended up being a bad call, in the short term.
What's happening with NEO now?
The weekly Moving Averages look extremely bullish, and they haven't even perfectly aligned yet. The 50 and the 100 still need to cross above the 200.
As for the daily, they are bullishly aligned. If the market decides to make a correction, it can retrace to the 100 day MA (yellow) and still remain bullish, as long as it doesn't break below. It's all the way down near $32.
In terms of targets, the next resistance is around $95, followed by all-time high. Let's see if it can get there!
NEO/BTC bounced from a very strong long term demand zone, and is now above the 200 day MA (teal). Because this is a long term higher-low, BTC ratio ATH is not out of the question, as absurd as it sounds.
On the weekly, it's also right up against the 100w MA (yellow) AND the 50w MA (red). If it breaks above these, it could signal the beginning of a big cycle against Bitcoin. On-balance volume has been on a steady incline for a while, showing some accumulation. This tells me there could be some hidden extreme bullishness for NEO.
I'm just posting this to see where this ends up. I'm speculating that many oder alts (like NEO, XRP, and LTC) can begin making some new all-time highs, propelled by a decline in Bitcoin dominance. You can read my recent posts to see why I think this might be the case. Of course, I might be wrong. I don't have any initial risk left on the table, so I feel comfortable waiting to see how this plays out.
This is not financial advice! I'm posting these for personal use and speculative fun.
-Victor Cobra
Trade active:
Forgot to post this, but I'm in a YOLO long from $53. Closed briefly at $66.70 but then re-entered on the pullback at $67.90.
Trade closed: stop reached:
Unfortunately got shaken out. But I did add over 50% to my spot position over the last two days by redistributing some profits from VET.
