If this EW count is correct, then NEO's got some more good times to roll! The very impressive impulse waves 1,2,3,4,5 (black) shows a handsome extended 5th wave as it is very common for cryptos! The key question: Is the abc (red) correction done? It sure looks like it! The downward pointing hairpin triangle is bullish and should prices bust out of this pattern, it could be more all time highs! The only caveat is that should Bitcoin be in a bear market, this bullish outlook could be a bit subdued...but bullish it is!
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.
Great stuff...I was considering investing in NEO...what are your thoughts about it?
BUY/SELL decisions must be self made. For me, laddered entries at projected bottoms of an abc correction have been most profitable.
Please review laddering blogs I've posted in the past.
Nice post and great point. While I completely agree NEO eventually head off for amazing gains, a few things I am tracking 1) EW correction COULD be following A,B,C,D,E in which case we still have time. 2) Market sentiment. With the pending PBoC reporting and ruling then actions - NEO either needs some serious big news or a flood of non-chinese ICO's that capture the attention of investors. NEO has held well showing me that when the market does swing, it will swing up hard. HODL!!!!!
I count abcde for this diagonal triangle and it is done or about to any moment. Because no one can poinpoint exactly when, I ladder my entries. So, if there is let's say d and e wave left, I would scale my entry by placing buy rungs that encompass these price areas.
Please review laddering posted in my past blogs.
I was totally expecting this. I wasn't sure whether Monaco or NEO would be the first to go bull. Then my Monaco investment was suddenly up 10%. Sold my NEO. I guess I'll wait for little more gains from my current love before putting it all on NEO.
Thanks a lot for the info!
Hopefully you can do a Monaco analysis too :-)
Here is the MCO analysis, please us only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/monaco-mco-update-is-the-correction-over
Saw it. Read it. Loved it!
Awesome wave count! NEO is definitely looking nice. I like that it was showing relative strength against the broader crypto market yesterday even though it's down a bit today.
If this count is accurate, it looks like it'll be moving higher very soon.
Yea out of the shit storm thats happening around it. NEO really held strong. It was even up yesterday. I bought 50 right now cuz its down a little on eth. But very stable coin at the moment. It can only go up from here. I am just gonna hold it until the next pump. I think we might be sitting at 40-50 in a few months.
I wish you MASSIVE profits!
Those downward pointing triangles are quite reliable but not perfect.
I wish you MASSIVE profits!
Diagonal triangles are quite reliable patterns.
With a broader downtrend, can neo still fall but by less than Bitcoin? Would this satisfy the start of the new five waves?
I believe so as NEO has been holding up pretty well.
Yes its been holding up well.
Apologies what I meant is that NEO's outperformance relative to Bitcoin will still satisfy the bullish technical outlook? I.e. Neo can still fall even if the next 5 waves start?
I feel with a broader downtrend, it is better to be out of the market. I sold my NEO holding as have learnt in every asset class that its nearly impossible to fight the trend in the broader market.
Technically yes, an impulse five can fail and that'll then form a new pattern. But, that wouldn't be my alternate, even. Let's see what happens.
I am quite out of the market. Read my past blogs on Bitcoin profit taking I've been doing. I've sold 1/3 of altcoins too. Almost complete out of Bitcoin. NOW IS THE TIME TO SELL NOT BUY. I"ve reiterated this many times and will continue to do so.
Better to be out of market wishing you were in it than in the market wishin you were out.
Good morning Haejin. Looks like NEO got hit HARD last night. Can you take a look at the chart now and let me know what you see happeneing? Thanks!
Agree Agree Agree. Yes. Better to book the profits and wish to be in the market.
Good job. I agree time is to sell. Most of my altcoin holding was in NEO so pretty much sold 3/4 of my alt coin holding with only 1/4 left in Omisego.
I might take a punt on BCH. Would like to see how it plays out
I have too.
Large trend of allt he NEO related coins showing the same thing this chart is. GAS is way down, but looking to bounce back as well.
Hi @haejin, NEO taking a massive dip right now, looks like ADX is the same, would welcome your thoughts...
Thank you.
We are in a BEAR market now. The approaching Bitcoin top could be upon us. The Bitcoin moon moves the Altcoin tides and it is receding until Bitcoin finishes the wave IV correction.
Cash should have been raised as I've posted before and as I've shown my profit sales of Bitcoin and Altcoins. Dry powder should be in the kegs ready to deploy once Wave IV bottom is reached.
Fail? Crashed hard?
Here is an update to NEO, please use only to augment your due diligence.
https://steemit.com/bitcoin/@haejin/neo-update-where-and-when-will-corrective-wave-c-finish