Crypto currencies are changing the world we live in and one of the Countries that will surely be a leader in this space is China. Now this does not mean I am going out and buying every Chinese coin there is. NEO' is definitely one that I think holds the potential of taking market share in the near future and its chart is highly bullish.
Unlike many of the other blue chips NEO' has reversed in a bullish manner and has broken through the 0.618 recent corrective wave (C) and is testing the 0.618 level of the overall correction. A break of this level would be a signal for further bullish movement. I will not get into all the technical aspects of the differences between NEO' and ETH' here, but NEO' has some technical advantages over ETH' even though Ethereum' ,without a doubt, has a first market advantage. One thing to note in all this is that China's political structure provides a huge advantage to Chinese companies. Alibaba JD.com and Baidu are just a few examples of how the 2nd largest economy in the world can create a great working environment for its companies and create difficulty for others to gain market share. This is yet another reason I really like NEO here.
Longer term to see NEO' with a 50 or 100 Billion dollar market cap is not out of the question. That would still put it at a lower market cap than ETH' is currently at 110 Billion. So a longer term target of $550 is not inconceivable, and that is how I am positioning myself for the long term. That is over 400% from the current levels and the potential to go higher is never out of the realm in the crypto space.
I am adding a 1/2 positional trade here with a $250 target level and will add either on a pullback or a breakout of $160. The intent is to use this trade to add to my longer term position.
On the BTC/NEO chart we have definitely recovered from the recent BTC/NEO ratio. Like the gold and silver ratio we can look for strong movement with alt coins by comparing them to bitcoin. A breakout of the previous ATH' would be a good signal that NEO' outperforms BTC' in the short and medium term. This is critical to follow as if a coin can not outperform Bitcoin' I would rather own Bitcoin' moving forward. This is one reason I have been looking to readjust my portfolio and reduce my core position down further.
Unlike many of the other blue chips NEO' has reversed in a bullish manner and has broken through the 0.618 recent corrective wave (C) and is testing the 0.618 level of the overall correction. A break of this level would be a signal for further bullish movement. I will not get into all the technical aspects of the differences between NEO' and ETH' here, but NEO' has some technical advantages over ETH' even though Ethereum' ,without a doubt, has a first market advantage. One thing to note in all this is that China's political structure provides a huge advantage to Chinese companies. Alibaba JD.com and Baidu are just a few examples of how the 2nd largest economy in the world can create a great working environment for its companies and create difficulty for others to gain market share. This is yet another reason I really like NEO here.
Longer term to see NEO' with a 50 or 100 Billion dollar market cap is not out of the question. That would still put it at a lower market cap than ETH' is currently at 110 Billion. So a longer term target of $550 is not inconceivable, and that is how I am positioning myself for the long term. That is over 400% from the current levels and the potential to go higher is never out of the realm in the crypto space.
I am adding a 1/2 positional trade here with a $250 target level and will add either on a pullback or a breakout of $160. The intent is to use this trade to add to my longer term position.
On the BTC/NEO chart we have definitely recovered from the recent BTC/NEO ratio. Like the gold and silver ratio we can look for strong movement with alt coins by comparing them to bitcoin. A breakout of the previous ATH' would be a good signal that NEO' outperforms BTC' in the short and medium term. This is critical to follow as if a coin can not outperform Bitcoin' I would rather own Bitcoin' moving forward. This is one reason I have been looking to readjust my portfolio and reduce my core position down further.
