Today we'll be looking at NEO on the 4hr chart. NEO has performed extremely well in the past few days.
But currently i feel we are hitting a crucial area with strong resistance approaching on the both the daily and 4hr which could indicate a slight correction or bull trap.
I am definitely more Bullish on NEO than bearish but believe we should all be...
Todays analysis is going to be short and sweet.
Looking at the daily chart it seems as though btc has found a short term bottom.
With a strong descending wedge forming, as well as the descending triangle. We can assume a BTC bounce is not far off.
If the 6k support holds. I think we'll have a nice little uptrend for a while. Not sure how long or...
With the recent breakout many may expect an uptrend or bullish reversal. It's possible, as is anything in crypto.
But looking at the chart i see an obvious rising wedge waiting to break to the downward side. RSI and MACD both indicating bearish divergence.
Most buyers are expecting at a dip to 7200-7300 range. I do expect BTC to test 7600 range. Failure to hold...
ICX finally broke out and with some good volume.
Perfect bounce off fib levels. Volume is back and we have broken then 55EMA which is now acting as support.
I assume the current rally is due to the news of Korea allowing ICO's. Which is great news for any ICON holders :)
Target for the 5th wave is 3600 sats.
If we break below 3250, EW has failed.
Neo looks to be forming support and a strong wedge is forming.
With a series of higher lows forming. I would assume we will be breakout to the upward side.
Bitcoin is experience similar movements with higher highs forming on BTC USD pair.
Also, if we look at the fibonacci levels from the lows of early feb to the highs of late feb. We can see that we've...
Bitcoin bounced back off the 8200 level as expected. RSI was extremely oversold on 30min and 4hr charts. A bounce was imminent but i dont believe it's the end of the blood.
Failure to hold the breakout of the downtrend indicates the bears still have control.
Currently, i just don't believe their is enough buyers to get bitcoin out of this downtrend. Both...
Icon is tethering on a crucial support zone. A break below would show no strength at all against BTC pair. I didn't think ICON would show such weakness. Mainnet was released and it dumped as expected, but the consolidation has been ongoing for weeks now.
I hope ICON will hold this support and we begin accumulation. Altcoim winter is among us, but we all know...
Neo is looking oversold on both BTC and USD pairings. I expect a bounce back to $124 levels in the short term. If we can hold that support level, NEO is still bullish in my opinion.
$115 - $118 is a perfect entry.
Exit at $124 or hold for confirmation.
Btc has tested 12 resistance levels twice and is now coming for it's 3rd attempt.
Breaking 12k would be a good signal we are finally out of the downtrend. The wave count looks good and hopefully we hit a target of over 13k short term and 14k towards the end of March.
Quick TA on DGD.
As we can see the top resistance has been hit twice, on the second attempt RSI is much lower. With a lower high now in play. Its safe to assume we are heading down.
DGD has performed extremely well when ever the market begins to show bearish signs. As you can see from the previous bull runs. Each Bull run is followed by a quick correction....
Crossing below the 55 EMA it is clear that BTC is now bearish short term.
RSI and trend line resistance are both strong. Indicating we are on the way down.
10K is next support area to monitor, a break below and we are going down to 9.7k
Overall market is on small downtrend. I think this pullback is healthy, although i would have liked to stay above the long...
Have been charting neo for the past two days and so far there is huge resistance at $145 - I was hopeful we would break through to the $152 resistance. With volume slowing I don't see that happening.
With lower low forming each time. I think we have reached the top and may move sideways before coming back down to support levels of $132 and if that doesn't hold...
NEO is moving in a strong wedge, has the hit the trend line two times and is attempting a third breakthrough. If attempt fails i expect a retest of the lower trend line.
RSI showing oversold on both the 4hr and 1hr charts.
Potential re-entry point 0.011500 Sats
Not financial advice.
BTC looking overbought on the 4hr Chart.
I am expecting a pull back at some point.
Daily chart still looks good and i hope we can break the bearish trend but for now BTC is still very bearish and we may see another leg down. A pull back to $8500 would be healthy.
Best case scenario is 8k support holds and we continue to move sideways for a few more weeks....