NEO bearish divergence & retrace to long-term trend
NEO is a great project but is currently overheated. There's clear & strong bearish divergence in volume. Other indicators (not shown here as I can only pull three without a "pro" account) also suggest overbought condition.
Because
1. The critical $100 psychological threshold is coming up
2. There's already an equal gain (AB=CD) after the mid-December crash
I think NEO is likely to retrace, perhaps to the .618 level or lower. The long-term trend will be a very strong support, though there's no reason to believe at this point that NEO could fall this deep.
Also check out my website: www.jlteng.com
And my view on BTC:
Because
1. The critical $100 psychological threshold is coming up
2. There's already an equal gain (AB=CD) after the mid-December crash
I think NEO is likely to retrace, perhaps to the .618 level or lower. The long-term trend will be a very strong support, though there's no reason to believe at this point that NEO could fall this deep.
Also check out my website: www.jlteng.com
And my view on BTC:
Kommentar:
apparently it doesn't want to correct
