Hello, guys
I would like to share my idea about NEO.
During the last BTC bull run (November until December 2017), NEO dropped to below 200k sat.
When BTC corrected, it had a pretty nice jump to above 1500k sat
However, from several weeks ago, BTC tried to do a bullrun again after a long correction.
When BTC bull run happens, money invested in altcoins usually will come back to BTC (from the past experience).
While other altcoins were down when bitcoin ran up from 6k to above 11k usd, neo was relatively stable (+/- 30% drop in sat value) compared to other top 10 crypto. Maybe it is due to the news that ONT will give airdrop to NEO holder on March 1st 2018.
We might be looking at possible increase of 5-20% in the next several days.
If this increase happened and NEO could not break resistance at around 1250k sat, NEO could form the right shoulder of H&S pattern (bearish pattern).
If BTC would do a bullrun again, the neckline could be broken down.
Depends on how sharp BTC increases, the drop could be hard for the first several days until a week after we break the neckline.
I am opening short position from today until before the airdrop, with the stop loss just above the resistance. (1270k sat).
If the neck line is broken, we could see the drop to 800-900k sat. Rebounces would be expected after that, but the price would not be higher than the neckline (+/- 1100k sat)
That is all, happy trading guys.
Cheers, kiki_and_jiji
*This is not a trading advice, it's just made for educational purpose*
I would like to share my idea about NEO.
During the last BTC bull run (November until December 2017), NEO dropped to below 200k sat.
When BTC corrected, it had a pretty nice jump to above 1500k sat
However, from several weeks ago, BTC tried to do a bullrun again after a long correction.
When BTC bull run happens, money invested in altcoins usually will come back to BTC (from the past experience).
While other altcoins were down when bitcoin ran up from 6k to above 11k usd, neo was relatively stable (+/- 30% drop in sat value) compared to other top 10 crypto. Maybe it is due to the news that ONT will give airdrop to NEO holder on March 1st 2018.
We might be looking at possible increase of 5-20% in the next several days.
If this increase happened and NEO could not break resistance at around 1250k sat, NEO could form the right shoulder of H&S pattern (bearish pattern).
If BTC would do a bullrun again, the neckline could be broken down.
Depends on how sharp BTC increases, the drop could be hard for the first several days until a week after we break the neckline.
I am opening short position from today until before the airdrop, with the stop loss just above the resistance. (1270k sat).
If the neck line is broken, we could see the drop to 800-900k sat. Rebounces would be expected after that, but the price would not be higher than the neckline (+/- 1100k sat)
That is all, happy trading guys.
Cheers, kiki_and_jiji
*This is not a trading advice, it's just made for educational purpose*