NEO/USD Technical Analysis - NEO Wedge Pattern Still Developing
Technical Breakdown
Daily Timeframe
#1 Wedge Pattern Developing
Wedge Patterns can tell us a lot about market psychology, supply/demand and Wycoff's 3 basic laws. I want to see price get squeezed further into this wedge because like a coil that will explode higher with increased pressure!#2 Strong Institutional Buy Zone
Historically smart money has Accumulated very well at the $30-$40 region. This is where I will be looking to add long positions and also buy some NEO to hold long term.#3 Low Volume
The VOL for the most recent price increase has been low. I don't think this price rally will last very long based on such weak VOL.#4 Weak Momentum
The MOMO in April has been weak so far. Although we have seen some Accumulation at the $50 level! I do think price will be manipulated further down to a more attractive level for Institutions to shake out weak sellers and Accumulate some NEO tokens.
TRADRHACK THOUGHTS
I need further Price Action and a good breakout pattern before adding to my NEO holdings. Just have to be patient now and wait for the market to develop price action into something more interesting.
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Disclaimer
This is my personal opinion, I am not giving biased recommendations. I am not a financial adviser. Discuss with your advisers before investing in Bitcoin, Altcoins and ICOs.
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