NEO one of the strongest, lately showing weakness, bearish wedge

14 พ.ค. 2018

NEO has been very strong in 2017 and even in 2018, but the past month it has been very weak. After that fake pump it made a few weeks ago, it has just been dropping even the the market kept pushing higher. Now it completed a bearish wedge/flag, suggesting it will continue to drop. It already fell out of it and it seems it made a succesful retracement already. I see 2 trades here, a short trade with a smaller target and the bigger one with a wider stop. Both good risk reward, meaning when using a good % of your trading capital (so a small % of it), this trade offers a good opportunity.

14 พ.ค. 2018

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Previous analysis of NEO

14 พ.ค. 2018

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And another one :)

14 พ.ค. 2018

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It almost looked like the perfect trade, dropped 5% very quickly just before Bitcoin's squeeze. But here we can see that NEO is still weak, since it did not push above the 70. At the moment it is making a very strong bull flag, suggesting it will break the 70ish resistance level.

17 พ.ค. 2018

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Still looks like crap, probably will just keep on dropping

25 พ.ค. 2018

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Same story for NEO, not as weak as XMR but still very close to the important support level. This support could work, because it's a strong one. It's depending on Bitcoin of course what the future will bring, but for now still no reason to assume it will make a big bi rally before dropping below this support area first, prices around 30/35 are very realistic at the moment, IF the support breaks of course. Would mean Bitcoin has to drop towards the 6000 probably.