Is NEO Finding Support Here?
Please don't trade based on my technical analysis alone. This is only meant to provide you with new ideas and new insight to improve your own unique approach to trading. I don't expect to accurately predict what the price will do. I just enjoy imaging different scenarios that could happen. Enjoy!
Altcoins have been on a dramatic bear run ever since topping out in January, and NEO is one that stands out as being hit particularly hard. Is it time for NEO bulls to get some relief?
Well I see we have touched the bottom of the long term channel on the log chart. Sure we could break below the channel no problem. After all, the more times you test a trend line, the more likely it is to fail. But if we do indeed bounce here we have a good 100% run before we reach the top of the channel. And if this turns out to be a long-term bottom we could break out of the channel and resume the uptrend, which would mean many hundreds of percent gains in the near future.
Do I think a bullish breakout of the channel is likely at this point? No. I think we better stick with the trend and assume more downside for now. But I do think that we are due for a nice bull run of 50 to 100 percent. Do you agree? Leave a comment and let me know. I actually bought some NEO a couple of days ago, and I'm looking forward to seeing what happens in the next couple of weeks.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
Altcoins have been on a dramatic bear run ever since topping out in January, and NEO is one that stands out as being hit particularly hard. Is it time for NEO bulls to get some relief?
Well I see we have touched the bottom of the long term channel on the log chart. Sure we could break below the channel no problem. After all, the more times you test a trend line, the more likely it is to fail. But if we do indeed bounce here we have a good 100% run before we reach the top of the channel. And if this turns out to be a long-term bottom we could break out of the channel and resume the uptrend, which would mean many hundreds of percent gains in the near future.
Do I think a bullish breakout of the channel is likely at this point? No. I think we better stick with the trend and assume more downside for now. But I do think that we are due for a nice bull run of 50 to 100 percent. Do you agree? Leave a comment and let me know. I actually bought some NEO a couple of days ago, and I'm looking forward to seeing what happens in the next couple of weeks.
If you appreciate the insight, let me know by leaving a thumbs up and following me.
Cheers!
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