Let's jump right in. We are right now taking a look at 4h NEOUSD Chart. And let me just start saying, that NEO is about get his behind kicked. It doesn't look promising.
It all started with the bear flag, which took us all the way down to 50 USD. But Big brother Bitcoin came to rescue in the last dying minutes, and helped NEO up on his legs again. After a short visit to the hospital, NEO recovered pretty quickly. As you can see, we managed to make a 1st Elliott Wave, and thereafter a perfect 50 % retracement on the 2nd wave, which also is equal to 78,6 % Fibonacci Level of the bigger Elliott Wave Cycle.
We have now found huge support here, and have so far managed to go sideways for a while. BUT guys, IF we don't very quickly start to get that 3rd EW going a bear flag will take form, and we can expect to go even lower to the next support level at 58 dollars.
I want you to also to pay attention to the RSI - it doesn't look good.
I will give you the 2 scenarios here:
1. BTC is at this very moment at 8,300 USD (around 50 % fib), and is on its 2nd Wave. If Bitcoin manage to go into a reversal now, and get that 3rd wave started, we will also see NEO doing the same.
2. If Bitcoin hasn't retraced enough, and will go even lower till lets say 61,8 %, you can expect that NEO will make a huge drop due to the bear flag and hit 58 dollars. Maybe we will go even lower to 50 USD, which is the next support level.
We need Big brother Bitcoin to rescue us once again. Will he do it? I will follow up on this later!
D4 loves you <3
Please give me some love, support and a LIKE - it would make me very happy :)
Bình luận
⋅
So as I said yesterday, Bitcoin had the opportunity to rescue NEO, and BTC indeed did. NEO and BTC have both increased 5 % the last 24 hours.
As you can see, so far the price follow my EWs to perfection, BUT we might adjust them later on, if BTC acts weird.
I will soon make another BTC-chart. It will be EPIC <$
Love yo guys <3 And remember to give a LIKE!
Bình luận
⋅
NEO is doing o.k. As you can see is still follows our Elliott Waves to perfection - Obviously with help from Bitcoin. If BTC chose to fxxx up, NEO will do the same.
Nothing new under the sun here. But what you should pay attention to it, that BTC fare better at the moment than NEO. So BTC is still the better choice.
When we get more trust in the market again, NEO will probably be a better holding. But for now - BTC for the win!
D4 loves you <3
And remember to give a LIKE and a virtual hug. That would make me so happy :)
I wonder. Why we need alts anyalsis as long as they are strongly related to BTC. I just hope all the alts gets detached from BTC.
BullWick
⋅
@Russ1239, BTC is up 20% off the bottom while some alts are up more than double while others are barely keeping up with BTC. That's why we need alts analysis. For a next bounce check out this strategy idea for alts that has netted me nearly 100% since Sunday's low and I didn't even catch full bottom on half the alts (but close enough).
ss44
⋅
In such a case wouldn't we want to focus on NEOBTC pair to help predict how NEO will respond?
BrunoDanteSampaio
⋅
@ss44, yeah, |Im focusing on NEOBTC pair.. I hope it recovers.. Neo sufferend some kind of security issues which made price attractive to longs..
BitcoinSector
⋅
huangvinh11
⋅
got em at $69.3, god bless!!!!
MarcusAtb
⋅
Wow thanks for the bear scenario. Everything seemed bullished till I read this.