Falling Wedge & Old Support (3D NEOUSD)
Updated
TA position
Neo is approaching the bottom of a big falling wedge which could break to the upside (it is nowhere near the top edge of the wedge at the moment though). We are now back to price support from its first rally. If we flatten or pickup up a bit here we will have a small bullish divergence on the MACD.
FA bullish case for Neo
If China softens to crypto (i.e. reopens retail trading), they will only allow Chinese blockchain projects. That pool is relatively small with Neo being the predominant and most liquid chain. Therefore cash will rush into Neo.
FA bearish case for Neo
It's not 'The Chinese Eth', it's a centralised prohibitively expensive blockchain 2.0 smart contract platform that no one actually uses. When China softens to crypto, they will use newer platforms (VeChain, Nulls, MatrixAI) and NEO will be an also ran that had 1 great rebranding pump (therefore the most expensive javascript globe animation ever).
Neo is approaching the bottom of a big falling wedge which could break to the upside (it is nowhere near the top edge of the wedge at the moment though). We are now back to price support from its first rally. If we flatten or pickup up a bit here we will have a small bullish divergence on the MACD.
FA bullish case for Neo
If China softens to crypto (i.e. reopens retail trading), they will only allow Chinese blockchain projects. That pool is relatively small with Neo being the predominant and most liquid chain. Therefore cash will rush into Neo.
FA bearish case for Neo
It's not 'The Chinese Eth', it's a centralised prohibitively expensive blockchain 2.0 smart contract platform that no one actually uses. When China softens to crypto, they will use newer platforms (VeChain, Nulls, MatrixAI) and NEO will be an also ran that had 1 great rebranding pump (therefore the most expensive javascript globe animation ever).
Note
I started manually scaling around 30-31 and got a knife catch order filled at 27.80. Plain sailing so far, resistance on its way in the mid 40s before top of the channel at mid 50s.
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