NEOUSD trade ideas
$NEOUSDBITFINEX:NEOUSD
Few weeks back posted $NEOUSD chart with target around 7.00
Now we have another coin braking lower from another bearish consolidation (flat bottom triangle) with similar target around 6.90/7.00 area.
WXYXZ Pattern, this means we could see a lower price icoming... this is my thought about NEO
We see that Neo first started with a nice impulsive wave of 5 correct waves. After that the ABC correction has been done also correctly. But than we see that the new impulsive wave (3) did not finished good at al, so from this point we see it as a 'failed impulsive wave'. After the first 'failed impulsive wave' there needs to be an ABC correction again to have an balance on the situation. Again after that we tried to start a new impusilve wave that went wrong AGAIN, this leads to a new correction that I'll see soon.
if someone sees it on a different way, just tell me your ideas. I would like to see more thoughts about NEO.
IG: kevindeyhem
EW Analysis: Crypto Is Selling-Off; Btc At 6-7K Sup. ZoneHello traders!
Today we will talk about cryptocurrencies and their current decline.
Let's start with Bitcoin against the ALTs dominance. BTC was losing its dominance against the ALTs since the beginning of September that can be clearly seen in the BTC.D/OTHER.S chart, but as you can see a decline was corrective only in three waves a-b-c, ideally in wave 4, which means that BTC Dominance could be back in the game for wave 5 soon, especially if we consider that strong a=c and base channel resistance line support area.
Due to a lost of BTC dominance, BTCUSD just hit new lows again compared to some other ALTs like NEOUSD and ZRXUSD, which were stronger in the last couple of weeks. However, we still see a corrective W-X-Y structure from the highs on Bitcoin and it's still trading around important 61,8% Fibonacci area, so we would not be surprised if we will see a bounce soon, maybe already here around 7000-6000 support area, especially if we take a look on NEO and ZRX.
In the Crypto market we always have to respect correlations. And what we see is that both, NEO and ZRX can be unfolding pretty clear bullish setup here with a strong five-wave rally away from the lows followed by a three-wave a-b-c corrective pullback that can stop right here around important 61,8% Fibonacci support area and channel support line.
Well, what we want to point out is despite that current sell-off in the Crypto market, we still see limited downside with a strong support levels and potential bullish reversals. Also, if we are right and BTC dominance comes back, then BTC could be the strongest cryptocurrency again, which means that ALTs against the BTC pairs (XXX/BTC) may continue even lower.
This is just how we currently see the Crypto market; Crypto market can see a bounce and a recovery sagain, but only against the USD, while XXX/BTC will stay mostly bearish or sideways.
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
NEOUSD Going up
Mr. Pips says you can long NEOUSD with very little risk here.
Mr. Pips' proprietary indicator is showing a buy signal. This is a clear indication that the price is going to go up! There is no other indicator available that will show you these important price zones. This is NOT Murrey Math Lines. These are NOT auto Fib levels. There is no need to spend hours on end doing extensive research or trying to read news reports when you have the right tools at your disposal!
Mr. Pips Quote of the day:
"Man is a Tool-using Animal. Without tools he is nothing, with the right Tools he is all!!!"
Mr. Pips wants you to have a blessed and profitable day!
Disclaimer: All information provide by Mr. Pips and IgetPips.com is for educational purposes only and is not intended to be trading advice or trading consultation. You are responsible for your own personal finances and trades!
NEOSell short at the top of the red box buy back at the bottom of the green .
Possible double bottom for NEOUSD
FOLLOW CHART
Long NEOUSD NOW!!!Mr. Pips says you can long NEOUSD with very little risk here.
Mr. Pips' proprietary indicator shows you that the price was strongly rejected at My Indicators Main Trendline/Zone. This is a clear indication that the price is going to go up! There is no other indicator available that will show you these important price zones. This is NOT Murrey Math Lines. These are NOT auto Fib levels. There is no need to spend hours on end doing extensive research or trying to read news reports when you have the right tools at your disposal!
Mr. Pips Quote of the day:
"Man is a Tool-using Animal. Without tools he is nothing, with the right Tools he is all!!!"
Mr. Pips wants you to have a blessed and profitable day!
Disclaimer: All information provide by Mr. Pips and IgetPips.com is for educational purposes only and is not intended to be trading advice or trading consultation. You are responsible for your own personal finances and trades!
First observation on NEO !If NEO doesn't manage to break out of this bearish pennant, then the odds are deathish !
2x allready rejected to break out, although strong support at 6USD levels ...
NEO retraceThis candle is important dont rush and wait to see
If closes under the support line retrace continues
But if this candle close over the support line starts moving up
NEOUSDThe NEOBTC pair has already broken above it's trend line from all time high and the USD pair is looking similar, but we are in a resistance area and it could very well end up being a wick. Just keeping an eye on it for now, but leaning towards a bullish break.
