Yesterday I posted a pretty 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 to me.
Next levels are Fibo extensions and as long we dont break the 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.
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
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)
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.