NEOUSDT
is finally starting to have enough data on longer timeframes to be of use. This analysis uses the weekly chart. In this example, I've marked all of our prior, significant, bullish price shears and their respective corrections.
RED ZONE - 76% pullback
GREEN ZONE - 42.5% pullback
PURPLE ZONE - 39.5% pullback
The colored zones moving ahead represent hypothetical pullbacks of corresponding percentage from our current all-time high.
While the "August avalanche" is our largest pullback (a whopping 76%), our most recent corrections of < 50% have me thinking that, when we correct (it's a matter of time, which is an admittedly nebulous concept in the crypto-sphere), we will correct proportionally.
I can very easily see a correction of ~40%, considering that our last major resistance was around to $48, $50 price point. A correction like this would also bring us to or around the 0.5 Fibonacci retracement level, which would be a critical point for Neo to return to its upward trend.
Finally, there is a distinct possibility we could see a pullback like we had in August. It isn't on the chart (too cluttered), but two corrections we've seen (red and purple) have both touched their respective 0.236 Fib levels on their corrections. The red zone even broke through, making something of a miraculous recovery after the August avalanche in price. Our green zone, however, retraced almost exactly to the 0.5 Fib level, which is what I'm personally hoping for on this next correction.
Perhaps Neo will find an alternating rhythm on its journey to the moon; bull run, followed by a major dump, followed by a bull run, followed by a healthy 0.5 Fibonacci bounce, followed by a bull run, followed by a major dump, followed by a bull run, followed by...
Time will tell (but hopefully a healthy 0.5 Fibonacci bounce).
Neo has passed its freshman initiation, and this recent bull run above $50 is quickly cementing its place as a competitor for other blockchain platforms. It has also announced a slew of projects and partnerships in the preceding month. More will come in 2018, according to all Neo outlets.
TNFA, DYOR, etc.
www.minervaminingco.com
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ETH -- 0xc9330946121C270cd4Ae3313e471b8CB533B3819 (any ERC20 token)
BTC -- 1No5mHUrvL6k3squN7Y5jQ7doPwF3hxtib
BCH -- 1B44EBhgUX3ToNdBZQWgYcKk7Jza4tAbjY
LTC -- LgxyVjDoTWGK6arA6QKqaf3Z65cavRBm9p
NEO -- Ad49zDSLC6fWS75Z6qQir6Ud7wHDk6DyV8