We have a very ugly WXY correction on NEO/USD pair. I dont see any clear impulsive waves up, so that leads me to an extended correction of WXYXZ.
As you can see in the graph, the chances of going higher are good enough, but the chances of dropping after that are a lot more.
Conclusion, potential bullish short term, bearish in a longer term.
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Setting up for a potential short term bounce soon.
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Approaching trendline support and pivot points for a reversal. But overall still weak. This is an opportunity for a swing trade, but always keep an eye on Bitcoin.
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Neo! Even more complex on the smaller time frame, great! If you are trading this successfully you must be pretty good! Here is a possible path for the next hours.
Note: it may never enter the box and double bottom at the .65 fib level.
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Neo gets a bounce here, i expect some sideways action or retest of that low to reset the oscillators before taking off. Definately something to keep an eye on for today!
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Also MAs are catching up, so even if the trend is still down ( which i dont see it for now) it has a chance for (at least) a short term uptrend.
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Neo has the same patterns as the alts, going impulsive, profits move to Bitcoin, repeat. Retest of the low here, or slightly lower while Bitcoin has a last run left.
A lower low will create a DIV with first resistance at 125 area.
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Neo will most likely invalidate count soon.
Good news, it may have short term uptrend. Bad news, the main trend is down. I will update the count tomorrow...
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The wave count on the original idea is invalid. But somehow the original target is still valid. I cant see any clear structure on this coin as of now. But i dont see any 5 waves down for this to be over. We might see some bounce here because is the 0.5 fib support, but chances are it will hit the target at some point. If anyone has a valid count on this or idea, please pm me and will gladly take a look.
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This is the count im considering as of now, will have to check the lower time frames for confirmation, but i still dont see 5 waves down for that a.
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Neo is trying to hold the 0.5 retracement and .618 for Y. There is much stronger support lower at 88-95 levels.
Đóng lệnh: đạt mục tiêu
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Even after the flash crash, next candle on the 30 mins is on target. It may revisit it soon, so dont get excited about the bottom.
why do we need retest of low to reset the oscillators before taking off? thanks for this post ;)
Acel
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@Blaz1985, long term oscillators seem promising, but short term are pretty neutral. It should trade on the BB channel of 1hr/30mins. The retest of the low is not guaranteed but there is no divergence to confirm that this is the local bottom.
Blaz1985
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@Acel, to me on 15min it seems that we will go up...
Blaz1985
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@Acel, Chaikin Money Flow is positive and high and also RSI shows oversold. I think we can have a lift off from here :)
Acel
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@Blaz1985, im not familiar with the indicator, i used it for a while but it was not what i was looking for.
It may have a short term uptrend, but i expect it to trade between 118-121 for now. I dont see the volume to justify this increase, for now.
Is the Bump still coming or are we going further down? Thanks for your work!!!
Acel
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@matthias.raemdonck, I think so, but its very slow and complex structure. We will see, it has volume from the usdt pair so its not that dependant on Bitcoin.