chickenboye
Long

NEO/USD -- Now or never, and the time is now!

BITFINEX:NEOUSD   NEO / U.S. Dollar
Looking at NEO/USD 1D sticks, it's clear this is a make or break scenario: NEO             is either in for a world of hurt with continued bleeding, or an epic rebound which I intend to long. If it goes the bleeding route, I wouldn't recommend longer-term shorts because the volatility or "dead-cat bounces" as some say will liquidate anyone with margin.

Rationale: the long-term bullish trendline is intersecting with the bottom fib-channel of the shorter-term bearish trend that started on Janurary 16th 2018. We may see a dip below the trend line , but I am anticipating a major bounce to at least $110, a fib-retracement. I would not be surprised to see retracement all the way up to $124, or $137 before slight pullback, too.

Additionally, the 1D RSI has literally never been this low (orange circle) since launch on Bitfinex(chart-data source). That means this RSI has been unseen since September, and therefore essentially unprecedented. Like I said, this is make-or-break. Pay attention and you will be rewarded, even if this doesn't go long.

Tune in for updates on this trade.
Comment: Original Sentiment remains, but not at these values -- Bitcoin must find a floor before ALT/USD pairs can be properly analyzed most of the time.
Order cancelled: will have to revisit this... I am still accumulating NEO, mind you. But this prediction appears premature.
I think it will go down. Overall crypto market is not growing now. So there won't be enough fuel for NEO to break out and go up.
Reply
chickenboye CryptoFrank23
@CryptoFrank23, yes, bitcoin's bearishness has made the values of this trade irrelevant.

My sentiment remains that NEO is oversold and will bounce heavily on USD eventually but it cannot do this while BTC is in free-fall.

I have no problems admitting faulty trades, though -- this is how you improve. In any case, I will update this trade until I consider it truly dead.
+1 Reply
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