G'day, HeyitsKolin here with a new NEO/USDT outlook on the log daily chart! Let's get straight into it without all this 'I am the crypto grand master, I am the best blah blah blah' bullshit that a lot of other analysts do on here...
The last 3 days we have closed above the 200 EMA (not pictured as I have not decided whether to pay to go 'PRO' yet as I mainly use Coinigy but thought I would give TV a go). At todays candle close if we can successfully close above the 50 EMA then we will confirm it as new support. We are then likely to blast through the previous resistance at 78 (which also coincidently aligns with the top of the down trend channel) and test 99 as new resistance/support. If this does occur... then 78 will likely become strong support moving forwards, which is clearly a good thing as we can trade the possible bounce back from 99 down to 78 and then up again, effectively trading 78-99 twice!
Reasons to strengthen why I think we will shoot up to test 99 if we close above the 50 EMA on the daily include:
Accumulation/Distribution has remained very steady (there is actually a very slight increasing uptrend) since mid February despite the massive sell off and subsequent down trend that occurred during Feb-April. This indicates that the downtrend was relatively weak despite appearing to be violent (a lot of weak hands sold due to fear).
Aroon Up is very high indicating a strong uptrend is in place.
Conversely Aroon Down is going lower, further strengthening this view.
Stochastic RSI has just crossed over bullish, though is still appearing as being oversold. I am not worried about this due to the build up of momentum towards an uptrend as shown in the MACD.
Anyways, this is my view only so do not take it as the word of god (again as some 'top' traders would like you to take their analysis)! Trade safe and good luck! Until next time, I'm going to take my kangaroo for a ride to clear my head in preparation for the next analysis that is coming soon! Peace out!
The last 3 days we have closed above the 200 EMA (not pictured as I have not decided whether to pay to go 'PRO' yet as I mainly use Coinigy but thought I would give TV a go). At todays candle close if we can successfully close above the 50 EMA then we will confirm it as new support. We are then likely to blast through the previous resistance at 78 (which also coincidently aligns with the top of the down trend channel) and test 99 as new resistance/support. If this does occur... then 78 will likely become strong support moving forwards, which is clearly a good thing as we can trade the possible bounce back from 99 down to 78 and then up again, effectively trading 78-99 twice!
Reasons to strengthen why I think we will shoot up to test 99 if we close above the 50 EMA on the daily include:
Accumulation/Distribution has remained very steady (there is actually a very slight increasing uptrend) since mid February despite the massive sell off and subsequent down trend that occurred during Feb-April. This indicates that the downtrend was relatively weak despite appearing to be violent (a lot of weak hands sold due to fear).
Aroon Up is very high indicating a strong uptrend is in place.
Conversely Aroon Down is going lower, further strengthening this view.
Stochastic RSI has just crossed over bullish, though is still appearing as being oversold. I am not worried about this due to the build up of momentum towards an uptrend as shown in the MACD.
Anyways, this is my view only so do not take it as the word of god (again as some 'top' traders would like you to take their analysis)! Trade safe and good luck! Until next time, I'm going to take my kangaroo for a ride to clear my head in preparation for the next analysis that is coming soon! Peace out!