Just before we forget, the Chinese were the first to pump BTC prices…in fact before they got in, each coin was trading at $0.001. After a 1000% surge in 2 months or so, BTC spiked to $1 and ever since, prices have never been the same again!
Now, here’s the deal with NEO and I’m not afraid to emphasis. NEO is a Chinese state sponsored project which will not fail unless maybe the regime falls.
They cannot duplicate another Ethereum so they are building their own from the ground up because there is no short cut. Just before Christmas, it was trading at $30 and at current prices I’m recommending adding some NEO to your portfolio and get rewarded with GAS as bonus.
In the weekly chart, we can clearly see that it is a break out trade and even if prices contract and close below our immediate support at $93, the better for buyers.
Going forward any dip in the daily chart is a buying opportunity and all we have to do is fine tune our entries in the 4HR chart before galloping with price. Our immediate take profit target in the weekly chart is the second Fibonacci extension level at $123 and that is where I expect sellers to jump in.
In the daily chart, clear support was found at $85 and that is just $8 below our first support level in the weekly chart.
Safe from the floor, there have been no real movements other than accumulation and that bull candlestick we are seeing today. Because of this, we should be looking for longs only in the 4HR chart.
Check out that awesome double bar reversal pattern between 38.2% and 61.8% Fibonacci retracement levels and know for sure that NEO might end up blasting past the second Fibonacci extension level in the weekly chart.
Support remains at $85 but if this bull pressure continues and prices close above $123 as buyers aim at $150, then we shall move our support/stops to $123.