Hey guys, NEO, similar to brothers ETC, IOTA, BCH & EOS, is trying for an inverse Head & Shoulders on the Hourly & 4H, while big brother BTC is going for the Bull Flag right now. The neckline is at $34. What I don't like in NEO's case compared to the others is, that we have been running without pause to the neckline: A consolidation in this case would be better before going for the break. We have 4H 12 EMA as support, while 26 acts as resistance. => A bullish break could reach the previous Highs at $40.
=> But: Any break of that neckline has to see simultaneous break of big brother Bitcoin, otherwise it'll be a fake out!
In the direct correlation of NEO/BTC, we're still holding important support at 0.005.
If we cannot break to the upside, we're looking at the previous lows at $28. So, if you wanna play bullish , never forget: We're still in highly bearish terrain with grandpa Bitcoin , any possible plays have to be highly secured & conservative in order to protect your money.
If you had some value from my analysis, please like & subscribe so you don't miss it next time, and watch my daily videos! ;)
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.
=> But: Any break of that neckline has to see simultaneous break of big brother Bitcoin, otherwise it'll be a fake out!
In the direct correlation of NEO/BTC, we're still holding important support at 0.005.
If we cannot break to the upside, we're looking at the previous lows at $28. So, if you wanna play bullish , never forget: We're still in highly bearish terrain with grandpa Bitcoin , any possible plays have to be highly secured & conservative in order to protect your money.
If you had some value from my analysis, please like & subscribe so you don't miss it next time, and watch my daily videos! ;)
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.