NEO is down to around $26 and it is now on a new all time low from November 2017. 4 hour RSI is showing a bullish divergence which is a strong reversal sign. It has a huge potential to shoot right back up to $90 range which is aroun 250% profit.
My play would be to start laddering my positions (Buying in small chunks). If you want more conformation you can wait for it to break out of the resistance line around $30 and then enter. Stop loss would be when 4 hour RSI break down it's bullish divergence.
Happy Hunting If you have any questions feel free to ask them in comments.
Note:- This is not a financial advise.
Trade closed manually
⋅
As I mentioned stop loss triggered around $24 when RSI breaks its divergence. If you played more risky trade you would had stopped around $21.
For now, NEO is in uncharted territory Temporary support around $15 and temporary resistance around $21. But the volume is starting to increase. In my opinion NEO will hover in $10-$20 range until and unless we have some bullish news on bitcoin. Hope fully it will hold above $10 (if BTC holds 4.5k)
CAUTION - it doesn't matter how good is an alt coin, in the current market BTC is the king. So if BTC is bearish expect all alts to be bearish.
Stay out & stay safe if you are a new day trader.
If you are a long term holder keep buying at every $5 dips you will thank me later. Neo is one of the biggest Chinese alt coin project out there. When BTC hits 20k NEO hit $200. Now imagine the possibilities that you buy NEO at $20 and it hit $400 ? You know it is bound to happen. But yeah, that will take a lot of patience.
Stay strong, if you are already down 80% there is no point selling it now because no one can predict the bottom
I was waiting for this moment to add NEO to my portfolio and I am planning to hold it for a long time
lagonlez
⋅
Hi. I am planning to buy and hold without any stop loss. What do you think
mustagfir
⋅
@lagonlez, In my opinion it is very cheap now. So you can definitely grab some.
But no stop loss means you are ready to hold it for long term (may be 1-2 years) and that you believe in the technology behind the coin.
I do believe that NEO is one of the best altcoin in this space so I will definitely want it in my portfolio.
By the way where are you planning to hold it ?
lagonlez
⋅
@mustagfir, I like the idea of NEO. I am going to put it in my ledger
mustagfir
⋅
@lagonlez, Good, make sure ledger give you the reward for holding NEO (NEO gas token)
From where are you going to buy it ?
lagonlez
⋅
@mustagfir, yesterday I bought few from hitbtc. Today ill use binance
Gonna drop to 8-10 ???