Hello Lads and Ladies,
Todays daily TA will be done as requested on NEOBTC. A coin that has been traded a lot and gained a lot of attention from many traders in the last few weeks. Since it hasn't started the engines yet, not many people are talking about it anymore but we will take a look into it and see what the next steps are for NEOBTC .
I chose the daily timeframe because right now we are coming to a point where it is just crucial for NEOBTC and we are approaching or even already sitting at historically very strong and with it very important support lines.We were here in a two month constant downtrend, which was really just not nice to look at. Then at 470k we had a very nice 44% bounce after that of course a retracement and are sitting right now at a crucial support around 450k.
This 450k line is basically the last chance to bounce for NEOBTC, before having a further 15% drop.
Looking at NEOBTC right now, I still believe that we will see the 385k reached, but before that we will have small bounce. This particular bounce is very likely to happen right now, as long as we do not cross the 450k support.
The drops and bounces that are happening are very clearly inside a pennant/a narrowing descending channel . Therefore this bounce from the strong support we are sitting at right now might be just as high as the descending resistance line of that channel. This would be around 20%.
Speaking for it, is that we are literally sitting at the very bottom of the Bollinger Bands and in addition to that have a strong support here. ANYHOW, for it to happen, we would most likely have to see the whole alt coin market make a bounce. This is likely since many coins TA wise are in a bounce-enabling-pattern right now and strongly oversold after basically all of them got shot down one by one.
This is a very strong decision point for many coins, since most of them are sitting at their last support before making another 10-25% dive down.
The anticipated bounce would most likely not be the trend turning bounce since we are not oversold enough yet, but the support below this recent one is the one that is able to turn the trend and start a new bullish season.
ANYHOW, we might see crypto do a barrel roll again and just crash and rush through all supports, which would basically get EVERYTHING REKT. Particularly for NEOBTC this would mean hitting 200k satoshi.
This is highly unlikely but in an event where the Bitcoin ETF does not get approved or officially delayed by a year, this would be the scenario we would be facing then. Sure, there are already many, many other news aligned for crypto and Bitcoin but right now the hype is around the ETF and it is getting scary depended on a single decision.
Right now, I strongly believe that we will see some green candles around alts in the next 48h and after that continue dropping down. YET, there is still a high chance that we will continue dropping right now and with it would really "reset" all indicators, all averages and the whole market so it is ready to see a nice and strong bounce.
IN NUMBERS -
BUY @450k
SELL @540k
SL set it tight and watch the market.
RE_ENTER @385k
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Cheers, Tomas