Long
I Talked About NEO When No One Was Paying Attention
Ahhh, one of my better purchases from the crypto market bottom. It's also been one of my better calls to date. I'm pleasantly surprised. Bitcoin pairing aside (failed miserably on that one with the fakeout above 2400), I pretty accurately plotted out the USD moves for NEO since it hit below $6 in the trenches of the bear market. I even suggested it could hit those levels before they were reached - when NEO was still at $16 in Fall, 2018. I will emphasize again that I was incorrect in assuming NEO would move higher against Bitcoin earlier. I'm definitely wrong sometimes, but I do enjoy being right, and not many people were talking about NEO.
The altpocalypse hasn't stopped certain altcoins from performing relatively well, at least against the dollar. NEO is actually back to the support it held against Bitcoin before the sharp selloff down to 1200. If it can hold above 1670 for an extended period of time, that would be very bullish. If you were lucky enough to catch NEO at the extreme lows (below $6), your profit is the same as it would have been, had you bought Bitcoin at the same time. This cannot be said for many altcoins. You can scroll down and skip those previous charts if you want to get straight to the analysis.
My first NEO chart from November, where I suggested a fall to the $4-7 major support zone:
Trade Setup to target the $13-20 area (medium term) after buying between $5-8. I posted this in early January and it got 100 views. As I said, no one was paying attention to NEO at this point:
Last chance buying opportunity in early May, when it looked like it was about to break down:
Analysis where I plotted out the current potential move:
Talking about the Bitcoin ratio breakdown and how it MIGHT have been a shakeout. Still remains to be seen:
Sorry for the gloating, but I'm also doing this to emphasize how little interest there was in NEO, and why if you do your research and keep your faith in a project, it's silly to get emotional and sell, trying to chase short term gains. Of course this is only my opinion and not financial advice. You should always consult multiple sources and look deep inside yourself before you come to any conclusions. However, my stance is that the whole NEO/ONT ecosystem is also quite amazing and user-friendly, which is very much unlike most cryptos. This is one reason why I divested from TRX and into NEO during the early 2019 TRX run. This is why my average USD entry point for NEO is around $6 - VERY close to the bear market bottom (I took TRX profits into NEO).
Now on to the analysis. The reason I started becoming a bit more positive on NEO recently was because I watched the DataDash video where John deVadoss was interviewed. NEO isn't messing around, in my opinion. A lot of people declared the project dead, but it's clear now that this is not the case at all. NEO continues to outperform much of the alt market as well (including most mid-large cap alts). This is a drastic change from 2018. This goes to show you that it IS possible for a lot of the stagnating coins to turn around (including XLM and NANO). VET has already started to show some signs of life, making a new 2019 high against the USD.
Based on the chart and the channel I have drawn here for NEO, it seems that we've broken out. We had been in that channel for months, after breaking the downtrend channel back in February. We are now very close to the $20 psychological area. If that breaks, I think NEO can move up to test the broken uptrend from the last bull market. That currently lies at the long-term pivot area near $29. The $29-30 zone (historically) is an important point for NEO, because that's where it began the late 2017 blow off bubble phase. A lot of investors who got introduced to NEO first saw it at those levels. If it can return to those prices, I think people will start to realize that the project is here to stay. If NEO can get back above that uptrend, I think it can even get back to triple digits, but let's not get ahead of ourselves. We have to see how the market reacts to current prices first. On the bearish side of things, if Bitcoin drops hard, it could send NEO back into the channel, and perhaps to the bottom of that channel as well. I'd be looking at a break back down into the channel for signs of weakness.
Check out this post about alts lagging behind Bitcoin. I chose to use NEO in this analysis because I saw that it was starting to outperform other alts, so I'm using it as a leading indicator. Yes, NEO is now an altcoin market leader. Also, check out this post about alts lagging behind Bitcoin. I think it's very interesting:
Again, this is not financial advice. I just think this coin deserves a little more attention, and I'm curious to see how things play out for NEO as it approaches the major 3.0 upgrade.
-Victor Cobra
The altpocalypse hasn't stopped certain altcoins from performing relatively well, at least against the dollar. NEO is actually back to the support it held against Bitcoin before the sharp selloff down to 1200. If it can hold above 1670 for an extended period of time, that would be very bullish. If you were lucky enough to catch NEO at the extreme lows (below $6), your profit is the same as it would have been, had you bought Bitcoin at the same time. This cannot be said for many altcoins. You can scroll down and skip those previous charts if you want to get straight to the analysis.
My first NEO chart from November, where I suggested a fall to the $4-7 major support zone:
Trade Setup to target the $13-20 area (medium term) after buying between $5-8. I posted this in early January and it got 100 views. As I said, no one was paying attention to NEO at this point:
Last chance buying opportunity in early May, when it looked like it was about to break down:
Analysis where I plotted out the current potential move:
Talking about the Bitcoin ratio breakdown and how it MIGHT have been a shakeout. Still remains to be seen:
Sorry for the gloating, but I'm also doing this to emphasize how little interest there was in NEO, and why if you do your research and keep your faith in a project, it's silly to get emotional and sell, trying to chase short term gains. Of course this is only my opinion and not financial advice. You should always consult multiple sources and look deep inside yourself before you come to any conclusions. However, my stance is that the whole NEO/ONT ecosystem is also quite amazing and user-friendly, which is very much unlike most cryptos. This is one reason why I divested from TRX and into NEO during the early 2019 TRX run. This is why my average USD entry point for NEO is around $6 - VERY close to the bear market bottom (I took TRX profits into NEO).
Now on to the analysis. The reason I started becoming a bit more positive on NEO recently was because I watched the DataDash video where John deVadoss was interviewed. NEO isn't messing around, in my opinion. A lot of people declared the project dead, but it's clear now that this is not the case at all. NEO continues to outperform much of the alt market as well (including most mid-large cap alts). This is a drastic change from 2018. This goes to show you that it IS possible for a lot of the stagnating coins to turn around (including XLM and NANO). VET has already started to show some signs of life, making a new 2019 high against the USD.
Based on the chart and the channel I have drawn here for NEO, it seems that we've broken out. We had been in that channel for months, after breaking the downtrend channel back in February. We are now very close to the $20 psychological area. If that breaks, I think NEO can move up to test the broken uptrend from the last bull market. That currently lies at the long-term pivot area near $29. The $29-30 zone (historically) is an important point for NEO, because that's where it began the late 2017 blow off bubble phase. A lot of investors who got introduced to NEO first saw it at those levels. If it can return to those prices, I think people will start to realize that the project is here to stay. If NEO can get back above that uptrend, I think it can even get back to triple digits, but let's not get ahead of ourselves. We have to see how the market reacts to current prices first. On the bearish side of things, if Bitcoin drops hard, it could send NEO back into the channel, and perhaps to the bottom of that channel as well. I'd be looking at a break back down into the channel for signs of weakness.
Check out this post about alts lagging behind Bitcoin. I chose to use NEO in this analysis because I saw that it was starting to outperform other alts, so I'm using it as a leading indicator. Yes, NEO is now an altcoin market leader. Also, check out this post about alts lagging behind Bitcoin. I think it's very interesting:
Again, this is not financial advice. I just think this coin deserves a little more attention, and I'm curious to see how things play out for NEO as it approaches the major 3.0 upgrade.
-Victor Cobra
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