NEO/USD analysis

24 июл. 2019 г.

Hi traders!

Let'shave a look at NEO/USD analysistoday. If you are going to readcarefully and compare charts, youwillfindtheanalysisapplicablefornearly all big altcoinsagainstdollar.
We are currently 99% done withthecorrection and wave B/2.There's a fallingwedge at the end of thewholedowntrend, whichwasbrokenupwards. Fallingwedgeistypicalforwave 5. At thesametime, fallingwedgeis a reversepattern and so itflipsthe trend over. Trend reversalisn't a surprise in thiszone, becausethere'sanotherverystrongfibo 0.65-0.786 zone at thegivenprice level. RSI reportsdivergencies on 1H charttoo.
As a result, wehavethreestrongcharacteristicssuggestingthecorrectionis at the end.Where to set thetarget? In suchscenarios, wealwaysnotice more conservativetargets. Yetit'sunclear, whether market goes to wave C or wave 3. Thereforewechoose more conservativetarget at the level of 0.786 - 1 fiboextensionprojection AB.
Talkingaboutpricerelations, we are at about 14.75 - 15.60. In turn, wecandecidewithintheseborders. Thegivenzoneisourclosestcheckpoint and it'spointless to thinkaboutotherpossiblemoves.
As wementionedabove, someotheraltcoins look similar. Although, some of them are notfinished by fallingwedge. The market lookshealthy depsite thecorrection and nowweneed a clearsign of growth.

May the crypto b ewith you!

24 июл. 2019 г.

Заметка

We are sorry for the wrong text editing ... technical error while uploading analysis to TradingView

24 июл. 2019 г.

Заметка

So one more time ... Hi traders!

Let's have a look at NEO/USD analysis today. If you are going to read carefully and compare charts, you will find the analysis applicable for nearly all big altcoins against dollar.

We are currently 99% done with the correction and wave B/2. There's a falling wedge at the end of the whole downtrend, which was broken upwards. Falling wedge is typical for wave 5. At the same time, falling wedge is a reverse pattern and so it flips the trend over. Trend reversal isn't a surprise in this zone, because there's another very strong fibo 0.65-0.786 zone at the given price level. RSI reports divergencies on 1H chart too.

As a result, we have three strong characteristics suggesting the correction is at the end. Where to set the target? In such scenarios, we always notice more conservative targets. Yet it's unclear, whether market goes to wave C or wave 3. Therefore we choose more conservative target at the level of 0.786 - 1 fibo extension projection AB.

Talking about price relations, we are at about 14.75 - 15.60. In turn, we can decide within these borders. The given zone is our closest checkpoint and it's pointless to think about other possible moves.

As we mentioned above, some other altcoins look similar. Although, some of them are not finished by falling wedge. The market looks healthy depsite the correction and now we need a clear sign of growth.

May the crypto be with you!