NEO/BTC - Forecast Ahead
Updated
Traders, how is it going? I am current analyzing NEO/BTC on the 1D chart.
Currently price is falling from a recent retest of a resistance level. It appears when analyzing the chart, that current price action is part of a bigger move, where price is falling toward previous structure support.
When price hits structure support levels (Around 0.00200000) it could be a nice opportunity for price to rebound and retest the sideway resistance again. This will be an imperative retest, as the test could prove to fail and NEO/BTC could find momentum to start a new trend again to the upside in the near future. But for the time being, price needs to drop more to get a retest it needs.
There could be a nice pullback during the fall to retest channel resistance before support is even hit. This would not be a good opportunity to find a cheeky long, but actually just to short into continuation to the support level. Only then you should consider longs (Long plays too dangerous when price is in an uninterrupted free fall.
Attached in the related ideas are my other Cryptocurrency ideas.
I will be updating this analysis as it progresses.
Currently price is falling from a recent retest of a resistance level. It appears when analyzing the chart, that current price action is part of a bigger move, where price is falling toward previous structure support.
When price hits structure support levels (Around 0.00200000) it could be a nice opportunity for price to rebound and retest the sideway resistance again. This will be an imperative retest, as the test could prove to fail and NEO/BTC could find momentum to start a new trend again to the upside in the near future. But for the time being, price needs to drop more to get a retest it needs.
There could be a nice pullback during the fall to retest channel resistance before support is even hit. This would not be a good opportunity to find a cheeky long, but actually just to short into continuation to the support level. Only then you should consider longs (Long plays too dangerous when price is in an uninterrupted free fall.
Attached in the related ideas are my other Cryptocurrency ideas.
I will be updating this analysis as it progresses.
Note
Price had a correction to 0.00370000 and is now stalling. When analyzing the chart on the 8H, Price stalled due to a dark cloud cover signal, at a key Fibonacci key resistance level (See chart for details)
The dark cloud cover was followed by further downside candles, showing we have likely hit a resistance ceiling.
I am now expecting price to continue downward from here, and approach the Fibonacci extension target of 0.0020000.
This is a good opportunity to take a short position.
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