Sounds right. But we already hit 65$ on the 6th, which your chart does not show, because it's a 2 week chart (based on close I guess). What about that? I'm not arguing, I'm just new to trading and want to understand...
Greetings from Germany
Henrik
Tradingdeed
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@Henrik.niehaus, Yes. It hit $65. But that was a low in the chart. Bearish divergences are calculated using the tops only. Now that being said, the $65 low has created a short term divergence that says yes, it will be back up, but as a bounce not as a reversal... The reason why I can state that is that the bearish divergence is much bigger in time and it is what results in looking at a 2 weeks candle chart.
It is important to know that because it tells us that we are still bear at the end. All the ups that we are experiencing are only bounces for now...
We use this information; As we know we are still bear, we need to buy in the mind set that we want to sell ultimately because ultimately its going down. But we want to be able to use those bounces to make money off of them... Theres a lot of profit to be made even though we are bear...
henrikn0815
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@CryptoTradez, Thanks for clarifying. I am looking at NEO since mid January and I like it, because the swings are quite big percentage wise. I agree that the bounces can be profitable and have to be milked :)
Tradingdeed
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@Henrik.niehaus, I guess we are getting close... Indeed the prediction is materializing...
mightytrader
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You make good video and explanation. Keep making them. I agree that NEO is too expensive.
Tradingdeed
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@mightytrader, Thank you !
I think the market is still recovering for now.. we are not over with the giant correction yet. Yes, I think NEO is too expensive too.
Tradingdeed
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@mightytrader, We are apparently getting there now...
raghav.gakhar2010
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@CryptoTradez, What would be the right time to buy? Would you get in now? I don't see further down from here as G 20 is approaching.
Greetings from Germany
Henrik