We will start off with the already many times charted and traded 4h chart and then increase up until the monthly, to get a general understanding of what is happening with NEOBTC.
I personally thought that it will be an easy chart but here I am again charting at 2am.
Alright, what we see here is first of all the big blue dotted downtrend line. NEOBTC was supposed to break it at 0.0075 but it failed there and started a HUMUNGOUS downtrend. Everytime it was supposed to recover, it just got rekt even more by the market blood bathing.
Right now we are at an interesting point, giving NEOBTC once again to recover and maybe start heading towards the big downtrend line. Nevertheless, if it breaks this support AGAIN, it IS tanking another -10%.
IN NUMBERS - support at 0.0047. If that breaks, next stop is 0.0042/0. RSI right now is at 28.3 heading down to 20 or below. Based on that RIGHT NOW NEOBTC is SHORT.
Looking at the daily chart, we can see that NEOBTC is heading towards the overall ascending trend line, from where it has mostly seen a huge bounce.
Nevertheless, it is still going towards the level of 0.0047, so 0.0042 seems not very likely on the daily. ANYHOW, if you take a look at the last time it jumped from the over all trend, it has broken it for a few days, which MIGHT be the case again, if 0.0047 does not hold.
BUT speaking in favour of the 0.0047 RSI is at its lowest recorded stage, yet seems to be breaking the 20 point line. As well as the space between the chart and the middle of the Bollinger Bands is rather big.
Again - Indicating a bounce soon.
Taking a look at the weekly NEOBTC chart, we can clearly see and confirm what we have just said about the previous charts. Here again, it seems to be heading towards the 0.0047 OR 0.0042.
The interesting part about this is actually that it would mean heading down to 0.0042 first, then having a bounce from the 0.0047. Although, I do not believe in that and see it rather bounce from the 0.0047.
RSI is also at a very low point where it has not been before.
So, coming to and end and seeing clearly where we can expect a bounce at, we can see what MIGHT happen after that, if we take a look at the monthly NEOBTC chart.
It has historically the tendency to alternate between two red candles and two green candles. Indicating that we are at the end of the two bearish months and will most likely see two bullish months.
Closing below the last opening, does not mean automatically that we cannot see another low but close next month above this months close.
Simply saying, once again we have room for some down action and will see the bounce after that.
NEVERTHELESS, should that very last support of 0.0040 not hold, then NEOBTC is REKT and will go down DEEP.
I will be entering this one on 0.0047 with 70% and 30% setting on 0.0042.
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Cheers, Tomas
