Hi, I am a complete newbie so I limit myself to rather easy and straightforward analysis. This was one of the first charts I analysed a couple of days ago but since the support zone and channel lined up I decided to jump and buy some NEO when it did bounce. Haven't regret my decision so far, beginner's luck probably.
I am planning to buy more once NEO breaks both the second resistance zone and the middle of the channel since it seems it might go high in that case. Does my chart and conclusion make sense?
All feedback on both the TA and my conclusion is more than welcome. Negative feedback is appreciated even more if it includes an explanation. ;-)
EDIT: the text box was not supposed to be published, but it seems I can't edit the chart anymore. Oh well, please forgive a newbie.
Comment
⋅
Still looking good, another confirmation of the trendlines and the support zone. I would expect another climb to the orange trendline, and who knows maybe a jump to the upper part.
Another update since the channel still seems valid! Unfortunately NEO didn't break through to the upper part but that should not worry us too much.
Since the resistance zone was broken quite easily I removed it, other than that it looks like nothing else has to be changed so far.
It looks like the underside of the channel will be tested again now but since there is an additional support zone I would expect this not to be a problem.
Once NEO reaches 130-135 it should slow down and bounce up again. If it does I would expect it to go to 170 again (and hopefully higher by moving to the upper side of the channel)
If it does go lower than 130 I will watch for support at 108. Let's see what happens.
CryptoJean
⋅
It looks like so far everything is still on schedule, and indeed with military precision :-) As I said: beginner's luck is real!
Though it is unfortunate the middle line was not broken it seems to confirm the channel is still valid which is good news.
As long as the lower channel line is not broken I will not sell and once both the middle of the channel and the 150 resistance zone is conquered I will buy more since I don't see a reason NEO would not go to 190-200 fast in that case.
One thing that worries me though is the general atmosphere in cryptoland that is dominated by what is happening to BTC. If BTC would break 10k and head for 8k I am afraid most other coins including NEO will be affected.
Let's wait and see, it looks like BTC will decide in a matter of hours or at least only a couple of days more now.
Pheriannath
⋅
Wow, that was SPOT on with regards to the onderste reistance zone! really nicely done!
Another update since the channel still seems valid! Unfortunately NEO didn't break through to the upper part but that should not worry us too much.
Since the resistance zone was broken quite easily I removed it, other than that it looks like nothing else has to be changed so far.
It looks like the underside of the channel will be tested again now but since there is an additional support zone I would expect this not to be a problem.
Once NEO reaches 130-135 it should slow down and bounce up again. If it does I would expect it to go to 170 again (and hopefully higher by moving to the upper side of the channel)
If it does go lower than 130 I will watch for support at 108. Let's see what happens.