No this has nothing to do with conjuring spirits (wouldn’t it be funny if I blogged about this on Medium? 😂), besides, psychics, mediums etc are a bunch of charlatan frauds who prey on gullibility for profit – much like many scam cryptos out there! 😂
I seldom blog about my favourite crypto, I’m not sure why. Perhaps I subconsciously assume that because I know all about it, so does everyone else. Maybe I should work at actively placing more NEO information into my blog posts, rather than just saying how great it is all the time.
Anyway, today I AM blogging about NEO because I think it is worth showing you what has been happening on the NEO charts lately.
Amongst all the little ups and downs in price, it is easy to lose sight of the larger NEO movements – this is the subject of this post today. NEO is strange in that it moves in a channel bound fashion. Granted: with a little creativity and broad enough channels, ANY crypto can be shown to move in a channel bound fashion. The thing about NEO is that it is more channel bound than most – i.e. the channels are relatively narrow and fairly long in duration. Let me show you:
On today’s charts you will see channels and not much else. Hopefully this makes them uncluttered and easy to read. The first chart is the short-term NEO/BTC chart. It shows that NEO has now broken out of the old bearish channel and is moving in a bullish direction as of late April:
In the medium-term we can see that the bearish channel was a temporary correction which lasted less than a month. The new channel is moving in much the same direction as the previous bullish one:
In the long-term you will note that NEO has broken completely free of the 2018 bear market channel and the recent bearish movement was nowhere near close to returning it to that channel. Therefore: as the market picks up, I expect to see an increasing amount of bullish channelling and a good performance by NEO. We’ll return to the topic of market picking up later on in this post.
For those who may be looking to buy, NEO is trading not far above its all time low of 0.001672 BTC (Binance price). My own previous buy price was 0.002262 – and I consider that to be a good price. It’s worth watching closely, because as I said a few days ago, BTC may well take a chunk out of the altcoins’ sat prices when the bulls run.
Unfortunately NEO TA is not that straightforward. It is one of those tricky large cap currencies that trade equal amounts in BTC and in USD (or USDT). Look at these CoinMarketCap trading pairs arranged in order of volume. Sure – most of the largest volume ones are heavily wash traded, but the list is still representative of reality: that BTC and USD are an equal split.
Therefore; while one should always measure the value of altcoins in BTC, it is still necessary to look at the USD charts when analysing such coins – even if they broadly mimic the general price trends of BTC.
Below is the short-term NEO/USD chart. Note that once again NEO has broken out of the latest bearish price movement (of April), and has formed a new bullish channel.
Zooming out we can see that the April bearish channel was just a small down wave within a larger bullish channel. Measured in USD, NEO bottomed in December and has been climbing steadily ever since. Keep that in mind if you want to buy NEO with fiat as opposed to trading BTC or other cryptos for it. Obviously NEO is well clear of the 2018 bearish descent channel and continues to climb ever further away from it.
The crypto market picking up
As I mentioned earlier, here is a very brief look at how the entire crypto market is picking up. Like NEO, the market is also channel bound and predictable when viewed on a logarithmic chart. The chart below shows the TradingView Index of the entire cryptocurrency market (I chose from October 2017 to date). Note how the bullish rise of April 2019 brought us to a position where we are now clear of the bear market descent channel.
A new bullish channel has formed. While it is uncertain how long this specific bullish channel will hold, it does indicate a definite reverse in market sentiment. It may even prove useful as a prediction tool to show the latest dates by which we can expect the next bullish jumps between Fib levels – though that is pure speculation on my part and I would not use it as actionable trading information.
In order to allow you to focus on the channels in the chart above, I purposefully left another indicator off, a non-derivative indicator which in itself shows beyond a shadow of a doubt how much the market has picked up. Ladies and gentlemen: I present to you the TradingView Crypto Total Market Cap Index including volume!
This is why I find the bears and those who are still shorting crypto to be so amusing.
Yours in crypto
All charts made by Bit Brain with TradingView
“The secret to success: find out where people are going and get there first”
~ Mark Twain
“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful”
~ Bit Brain