Patience wins.
Signs FOR reversal~
We have showed signs of support and slightly more buying action with this current candle, and the selling volume really died off on this candle after a strengthening selling trend.
XANDER USES BOLLINGERS? Yes, I look at them occasionally. They look to be turning in for a squeeze, and we are right at the bottom.
Market bottom indicator is flagging harder and harder as we move across the downtrend which is interesting, not necessarily the best data in this situation given the use of standard deviation and a strong downtrend.
Wave trend has nearly became a minimum point in a very historically similar zone to where it usually turns.
RSI all time low on the bitfinex chart, how low can it go? The RSI shall attempt the limbo. Usually in these situations it can't surpass the all time low too much given it's not defined as a trashcoin. People generally like to add to their bags with low prices, there is more incentive to buy NEO than just short term gains tends to be a strong belief. Many are waiting to time tha diP.
.618 retracement is a strong area of support in terms of fib and price action here.
Signs AGAINST reversal~
EMA's could death cross.
Wrong side of both EMA's and large distance, respecting them strongly.
BTC bearish move which could come over the next few days (look at my long chart, it is fighting with the top of the channel), forcing it downwards through a support into a further downtrend- where there isn't tons of support.
Sidenotes: Always wait for a reversal with confirmation for higher percentage chance of a winning play, catching a falling knife is very risky. Risky trading isn't my style and shouldn't be yours.
This is NOT a buy signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
Signs FOR reversal~
We have showed signs of support and slightly more buying action with this current candle, and the selling volume really died off on this candle after a strengthening selling trend.
XANDER USES BOLLINGERS? Yes, I look at them occasionally. They look to be turning in for a squeeze, and we are right at the bottom.
Market bottom indicator is flagging harder and harder as we move across the downtrend which is interesting, not necessarily the best data in this situation given the use of standard deviation and a strong downtrend.
Wave trend has nearly became a minimum point in a very historically similar zone to where it usually turns.
RSI all time low on the bitfinex chart, how low can it go? The RSI shall attempt the limbo. Usually in these situations it can't surpass the all time low too much given it's not defined as a trashcoin. People generally like to add to their bags with low prices, there is more incentive to buy NEO than just short term gains tends to be a strong belief. Many are waiting to time tha diP.
.618 retracement is a strong area of support in terms of fib and price action here.
Signs AGAINST reversal~
EMA's could death cross.
Wrong side of both EMA's and large distance, respecting them strongly.
BTC bearish move which could come over the next few days (look at my long chart, it is fighting with the top of the channel), forcing it downwards through a support into a further downtrend- where there isn't tons of support.
Sidenotes: Always wait for a reversal with confirmation for higher percentage chance of a winning play, catching a falling knife is very risky. Risky trading isn't my style and shouldn't be yours.
This is NOT a buy signal. I'm not a financial adviser and nothing I say is a fact, any losses made through these decisions do not hold me accountable and you should never invest more than you're willing to lose.
If you liked this short post, be sure to follow and like. It really helps out :D
~Xander
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Need to show strong signs of reversal, still in technical downtrend.
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No signs of reversal yet, support approaching.
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No trade ever occured as no reversal. Will most likely hit the stoploss and head for the next fibline. Will post a new chart there.
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RIP Neo.
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Could form the potential for a strong reversal given the super bullish reversal candle.
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More downside to be seen as of now.