Summary
I always advise caution before any trade, but now more then usual. We're on unsteady territory, always ladder your buys/sells, never go all in!
NEO is bearish for a while now, even before the market took a turn for the worst on the 6th of March. For me this means even more reasons to increase my position on it as i strongly believe in the project and i'm fairly confident it will bounce to uncharted territory in upcoming months.
Let's start by looking at the 3h chart vs USDT . This is a nice 5-3-5 trend down to the a very low level, we actually broke daily 200MA.
Below i'm zooming in the 30m chart, looking at the last 5 wave structure from above.
Wave 3 came very close to reaching 100% of wave 1 but eventually it found support at $79.4
Going forward i would expect to see at least a 0.382 Fib retracement of wave 3 before entering a short position. This should be at the same time when BTC hits around $9200 resistance.
Eyes should be on Bitcoin if it breaks the daily 200EMA we should not wait for above to happen.
Target set at $75-76.
Legal Disclaimer: I am not a financial advisor nor is any content in this article presented as financial advice. The information provided in this blog post and any other posts that I make and any accompanying material is for informational purposes only. It should not be considered financial or investment advice of any kind. One should consult with a financial or investment professional to determine what may be best for your individual needs. Plain English: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.