It looks like NEO has been in consolidation for a good amount of time.
It has been almost 5 weeks inside the current “range” it is trading in.
From the trend lines (white), it looks like it is running out of space & should see a breakout soon.
Details
Risk:Reward = 3+
Target 1: $50 (80%)
Target 2: $75 (170%)
Target 3: $100+ (260%)
Entry: $26 – $30
Potential Loss: 10%
Stop Loss: 5% below bottom trend line.
Length: Short-Medium-Long Term (1-6 weeks)
What We’re Doing
Buying below $30, setting trailing losses 5% below bottom uptrend line (white), and letting it ride, as we believe it is very realistic for NEO to reach $100+ by early / mid next year.
Notes
NEO has been labeled as the Ethereum of China and is very well-known in the crypto-sphere.
NEO will also be part of the Future of Money & Blockchain in Fintech events in Shanghai on November 21.
Fundamentals
NEO is a great technology & should see the light soon, especially when the Chinese government make up their minds on regulation.
China is huge for business, and as you may know, are very big on cryptocurrencies.
They are the leaders of blockchain development and mining.
We foresee a significant amount of fiat currency flow into NEO in the weeks & months to come.
Summary:
Overall, we think NEO is a great investment opportunity both short and long-term.
Disclaimer:
This is based on technical analysis, an analysis methodology that forecasts direction of prices through the study of past market data, & fundamental analysis, based on worldwide occurring events that could affect this pair. This will not always be correct, but we only recommend trades that are in your favor.
This is not investment advice.
Always use stop-losses.
Only trade / invest what you can afford to lose.
Remember, the markets have no sympathy for anyone.
Check the full post at: http://thecryptolabs.com/index.php/2017/11/16/trade-neousd/
View the full trade at: https://www.tradingview.com/chart/NEOUSD/ojD9ENIN-NOEUSD-Medium-Term-Outlook/
