NEO [Crypto] Look for the breakout of the long term resistance
CURRENT OUTLOOK: Change of Behaviour in the crypto market.
STRATEGY: LOOK FOR A BREAKOUT OF THE LONG TERM RESISTANCE FOR CONFIRMATION. NEO AND OTHER ALTCOINS WILL LIKELY SHORT TERM OUTPERFORM BITCOIN.
WYCKOFF STORY
1. INITIAL BUYING BY VALUE INVESTORS
2. INSTITUTIONAL ACTIVITY AGAIN. SELLING CLIMAX WITH DECELERATION. LOOK AT THE RED AREA: SUPPLY IS ABSORBED ON THAT LEVEL.
3. SELLING DURING THE CRYPTO MARKET CORRECTION IS LOCALIZED ON THE TOP
4. SUPPLY IS EXHAUSTED ON THE NEXT REACTION: SMALL SPREADS AND DECREASING VOLUME
5. HIGHER LOW (HL)
6. PRICE JUMPS ON CHINA NEWS. NEO IS OFTEN CONSIDERED THE "CHINESE ETH". PROFESSIONALS SELLING INTO THE LIQUIDITY OF TRADERS BUYING INTO THE NEWS
7. BUT AFTER THIS SELLING PRICE FORMS A HL, STILL SHOWING STRENGTH. LOW VOLUME REACTION
8. THE LAST RALLY HAS MORE EASE OF MOVEMENT. SUPPLY HAS EMERGED ON THE LAST BAR, BUT WE CAN HAVE ABSORPTION NEAR THE LONG TERM RESISTANCE
STRATEGY: LOOK FOR A BREAKOUT OF THE LONG TERM RESISTANCE FOR CONFIRMATION. NEO AND OTHER ALTCOINS WILL LIKELY SHORT TERM OUTPERFORM BITCOIN.
WYCKOFF STORY
1. INITIAL BUYING BY VALUE INVESTORS
2. INSTITUTIONAL ACTIVITY AGAIN. SELLING CLIMAX WITH DECELERATION. LOOK AT THE RED AREA: SUPPLY IS ABSORBED ON THAT LEVEL.
3. SELLING DURING THE CRYPTO MARKET CORRECTION IS LOCALIZED ON THE TOP
4. SUPPLY IS EXHAUSTED ON THE NEXT REACTION: SMALL SPREADS AND DECREASING VOLUME
5. HIGHER LOW (HL)
6. PRICE JUMPS ON CHINA NEWS. NEO IS OFTEN CONSIDERED THE "CHINESE ETH". PROFESSIONALS SELLING INTO THE LIQUIDITY OF TRADERS BUYING INTO THE NEWS
7. BUT AFTER THIS SELLING PRICE FORMS A HL, STILL SHOWING STRENGTH. LOW VOLUME REACTION
8. THE LAST RALLY HAS MORE EASE OF MOVEMENT. SUPPLY HAS EMERGED ON THE LAST BAR, BUT WE CAN HAVE ABSORPTION NEAR THE LONG TERM RESISTANCE
Wyckoff Method Trading and Education
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Stocks, Commodities, Indexes,
Cryptocurrencies
www.wyckoffanalytics.com/
Stocks, Commodities, Indexes,
Cryptocurrencies