$NEO #NEO - THE BOUNCE - WHERE? WHEN? HOW MUCH?
Hello Lads and Ladies,
This is the more extensive analysis of this day. We will be looking into NEOBTC and see what possibilities we have. The price right now is extremely good and if the market doesn't bleed again, we will see a bounce.
The question here is How big will the bounce be and when will we see it?
Alright, first let us take a look at the chart and see what happened.
The blue dotted line is a very longterm descending support and resistance line, on which NEOBTC has been pushing through and crashing down. The horizontal green line is a very store historical support line, which has also been acting as a resistance even further back. The red horizontal line right above it, is the resistance that needs to be broken before a new push from the "BUY ZONE".
In the recent period we can see NEOBTC failing to break the blue dotted line and so coming back to the buy zone again. Last time failing to break it, it started heading south to a new support, hitting through the previous support as if it has not been there. Of course, the whole market situation had some strong influence to it too but this was the case for many coins and one of the reasons why the whole market "crashed". The new support, it has found happens to be the 127.2% fibs retracement line. **(Side note, look at the coins in the market and you will see that they are mostly already sitting at their new support - this lowers the chance of a third "crash")**
Sitting at this new support we have basically two options of a bounce and where it might be headed to. The first one would be to where the red horizontal line crosses the blue dotted line, which in my opinion wold be only able, if Bitcoin and many others experience a big bounce within a few days - this is likely to happen but I would not rely on that, because it is still kinda shaky and peoples' attitude is around 50:50 for one more bloodbath or big push.
Therefore, the second more likely bounce would be heading to the point where the blue dotted line crosses the green horizontal line. This will be an important time to watch it. Should NEOBTC decide to break this point, we will be heading to the red dotted line, which has been acting like a intermediary support and resistance line. This, of course, after successfully leaving the "BUY ZONE", where we might see some sideway movement.
ANYHOW, does NEOBTC NOT break this point it will head towards the support again, and since there is not much space left, there might happen something cringe but I will make an update if something like this would happen.
Should NEOBTC break the red dotted line, then we will see a nice push even further, where exactly this line will act as a new support.
Like and Follow me and you will find this page interesting because I am a TA expert and day trader that does daily updates and new posts about the hottest and most discussed coins.
Fell free to request TA for ANY coin you are interested in!!!
Cheers, Tomas
This is the more extensive analysis of this day. We will be looking into NEOBTC and see what possibilities we have. The price right now is extremely good and if the market doesn't bleed again, we will see a bounce.
The question here is How big will the bounce be and when will we see it?
Alright, first let us take a look at the chart and see what happened.
The blue dotted line is a very longterm descending support and resistance line, on which NEOBTC has been pushing through and crashing down. The horizontal green line is a very store historical support line, which has also been acting as a resistance even further back. The red horizontal line right above it, is the resistance that needs to be broken before a new push from the "BUY ZONE".
In the recent period we can see NEOBTC failing to break the blue dotted line and so coming back to the buy zone again. Last time failing to break it, it started heading south to a new support, hitting through the previous support as if it has not been there. Of course, the whole market situation had some strong influence to it too but this was the case for many coins and one of the reasons why the whole market "crashed". The new support, it has found happens to be the 127.2% fibs retracement line. **(Side note, look at the coins in the market and you will see that they are mostly already sitting at their new support - this lowers the chance of a third "crash")**
Sitting at this new support we have basically two options of a bounce and where it might be headed to. The first one would be to where the red horizontal line crosses the blue dotted line, which in my opinion wold be only able, if Bitcoin and many others experience a big bounce within a few days - this is likely to happen but I would not rely on that, because it is still kinda shaky and peoples' attitude is around 50:50 for one more bloodbath or big push.
Therefore, the second more likely bounce would be heading to the point where the blue dotted line crosses the green horizontal line. This will be an important time to watch it. Should NEOBTC decide to break this point, we will be heading to the red dotted line, which has been acting like a intermediary support and resistance line. This, of course, after successfully leaving the "BUY ZONE", where we might see some sideway movement.
ANYHOW, does NEOBTC NOT break this point it will head towards the support again, and since there is not much space left, there might happen something cringe but I will make an update if something like this would happen.
Should NEOBTC break the red dotted line, then we will see a nice push even further, where exactly this line will act as a new support.
Like and Follow me and you will find this page interesting because I am a TA expert and day trader that does daily updates and new posts about the hottest and most discussed coins.
Fell free to request TA for ANY coin you are interested in!!!
Cheers, Tomas
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