NEO | Smart Economy: Keeping It SimpleTo warm up, let's look at Neo while keeping it simple.
➖ In 2020 we have a major low on this chart, the All-Time Low.
This low comes as part of a consolidation phase after a major bear-market.
➖ The consolidation phase leads to a bull-market, that is, a strong bullish wave.
Neo has been printing higher lows long-term.
➖ After the 2021 bull-market, we have a bear-market that leads to a new consolidation phase. This consolidation phase is marked by long-term higher lows and takes us to present day.
👉 As this consolidation phase comes to an end, we expect a new bull-market to develop.
This how we look at the chart keeping it simple.
As supporting signals we have the rising volume.
Volume has been rising since February 2023, and we can appreciate the highest bullish volume ever in April 2024.
➢ Is the low in?
➢ Will prices move lower or start rising next?
These are the questions that comes to mind after this short analysis, and the truth is that it does not matter.
➢ What type of strategy are you using?
➢ What are your goals?
Spot traders can start accumulating because we are obviously in a long-term accumulation zone.
Short-term traders would have to look at smaller timeframes and thus this type of analysis is not for them. So it all depends on you, on your own individual goals, your trading style, your capital and the rest.
Remember, it is not a game of catching the bottom or the top, nor being right or wrong, it is about being profitable and improving (growing) as we go.
We use trading to achieve financial freedom and we use this freedom to do the things we love.
It cannot be denied, the Cryptocurrency market is changing the world.
Namaste.
