I was looking for a good entry point for NEO but decided to short instead.
My main reasons;
MACD showing signs of bearish divergence.
BTC *might* start moving up strong.
How I will trade this;
1) If NEO gets rejected at 0.0142 and falls near to 0.0138, i'll short it, at least till 0.0120.
2) If (1) happens, I'll watch for the orange support...
The $9.5k is being re-tested.
After the ATH;
5 days - "It is a healthy correction, we are still bulls."
16 days - "Going up again, wait 13k re-tested. No, back to 16k." <-- bull trap.
10 days - "It looks like its bear time, 9.5k touched, regression channel visible." <-- bear confirmation.
15 days - "But, what if... --> see we have a small bull --> 9.5k touched!"...
This is just a normal market correction that happens every 2-3 months. It will be fine in 1-2 weeks.
There are no bad news. I don't see any reason for the bull market to end.
- Scalability problem is being solved by Lightning Network.
- Old & established institutions are opening up crypto exchanges.
- Public blockchains are being adopted in the business world.