Follow up of my charts on Twitter: Yesterday I posted a pretty bearish chart on Twitter. So many people reacted "just hodl", so I tried to find some positive (technical) signals, but I didnt find them...
I've tried to mark some important levels for NEO. While making this update, the price broke the fib level 68.1 which it did yesterday already but that was in panic sell mode, now we have a slowly tanking price and thats pretty bearish to me. Next levels are Fibo extensions and as long we dont break the trendlines to the upside, we're in a 5 legs down wave. Blue box we're in right now is a smaller correction and it can still bounce from here but its more likely that yesterday's drop is not finished yet. That is a correction on a smaller timeframe and might extend to the yellow box, bounce from there to 4 and finish the complete wave towards 5. 5 is also the zone where whales started their accumulation before this whole rise started (left blue box). This pattern (accumulate, pump, dump, sucker rally, dump, accumulation zone) is typical for many pumped alts.
Komen
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I had a fresh look at the chart, as the movements didnt follow my previous idea. I'm looking at this: still bearish but 3+4 are already in place. Wait till 5 forms a bottom and buy AFTER the break out to the upside
Komen
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We've reached the blue box from my first chart. To be honest: I didn't expect this anymore this morning and pretty fast after I posted previous update, everthing collapsed....... Now, wait and see if we get some bottoming. I will update when I see chances to buy (safe)
You grossly underestimated how strong the support for NEO is at $30. It appears it's an unbreakable support line.
Crypto_Ed
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@solidhqx, you grossly underestimated my chart and the additional info....or you just don't understand how to read a chart/pattern
solidhqx
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@Crypto_Ed, Yeah 'perfect' pattern analysis with a complete disregard of the fact that it was consolidating nicely only to have a mini crash due to fud and again bounced of the $30 support line which has proven solid a number of times already over the past period. Call me again if NEO gets under $30...
Crypto_Ed
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@solidhqx, we will see....both don't have a crystal ball. I never said I have a "perfect" chart. I only show what is possible because I see a pattern and like I wrote above: "as long as it doesn't break out, it's in a down trend for me"
I just have another strategy, I don't rely on support but trade on breakouts. Less risky, but hey.....maybe you're a much better trader. Good for you....maybe you should start sharing your charts so we can learn from you.
solidhqx
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@Crypto_Ed, True enough and I'm certainly not claiming to know it all.But knowing support lines for me has proven very useful and so is understanding to read a chart and detect indicators. But the chart data of the past couple of days is useless to make any future predictions because the dip was caused by fud. The only thing that stoot out to me was how strong support at $30 proofed *again*. I thought your analysis did not take this into consideration hence my comment. Frankly, I think you got a bit overly defensive over it...
Crypto_Ed
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@solidhqx, defensive might be.....hard to filter on the weg. I started this account and on twitter a month ago and over 3650 followers already (Twitter). Can you imagine how many replies, notifications and dm's I get daily? And how many of them trying to debate that I'm wrong?
solidhqx
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@Crypto_Ed, I'm man enough to admit you were right though. I grossly overestimated the support levels at $28-30 :)
solidhqx
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@solidhqx, With some help from the Chinese government though...
Crypto_Ed
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@solidhqx, brave man ;-) but for me it wasn't a matter of being right..... I hope your bags are not too heavy
solidhqx
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@Crypto_Ed, It's not too bad, I bought most of my NEO at $4.7 and some more at $19.4.