NEOUSD 9/24/2020

NEO / Dollar BITFINEX:NEOUSD

Ryzen7

Note: THIS IS NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT

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Somebody requested to make analysis on NEOUSD. It think this chart is a very bullish one. I have made a Technical Analysis last August 14 and 24. I think August 24, 2020 is the most relevant in relation to this new technical analysis . I do hope that you find my TA informative.

But remember that today the Stocks (like S&P 500 ) and Commodities are dumping while US Dollar Index is pumping. So, if S&P 500 dumps, Bitcoin and ALTs dumps too. Usually, the month of SeptemBEAR, OctoBEAR, NovemBEAR and DecemBEAR are bear months. So you need pay attention on the inverse correlation between S&P 500 (SPX) and US Dollar Index ( DXY ).

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Analysis

Daily Time Frame
From the 4th Week of July 2020 up to today, the price respected that Blue Trend Line called " Uptrend Continuation Trend Line". This trend line has a big relevance on this uptrend. When the price starts to pullback, EMA 34 (Orange) holding as a very strong support. As you notice that yellow box, EMA 34 successfully hold the price against falling. MA 50 is getting closer to the trend line . As you noticed, Moving Averages is getting wider. Likely, the major support at $ 19 to $ 19.60 will hold. I think we are still advancing stage in NEO.

On the Oscillators, It is important to note the two sign of weakness of the trend, namely: (1) the Bearish Divergence on RSI ; and (2) Bearish Divergence on MACD . Right now, RSI is still above 50 level the bulls in control. If you noticed on RSI last September 5 to 9, 2020, it holds that 50 level and on the price chart it hold at EMA 34. Stoch RSI has no sign of weakness of the trend. It seems Stoch RSI is reliable. On the MACD , maybe on the next 3 days it will form a bullish convergence.

Four Hour Time Frame
$ 19.60 is holding as a strong support in confluence with MA 200 (white). Resistance is currently at 0.382 @ 21.27 (I think major) and 0.618 @ 22.93. Major Support at $ 19.60 and $ 16.70. Major Resistance is at 24.25 and 28.25. Maximum Price Target to the upside is at 1.618 Fibonacci at $ 29.94. As you see, The Uptrend Continuation Trend Line was holding as a support in the previous (last September 5-9,2020) and today.

On the Oscillators, there is a possible bearish divergence forming. Maybe shorting at 0.382 or 0.618 is a good entry point.

The Price may range from $ 18.50 to $ 23.

One Hour Time Frame
See on the Chart:

Important Key Points in NEO
1. The Price must hold above the "Uptrend Continuation Trend Line";
2. $ 19.60 as a strong support - relevant to "Uptrend Continuation Trend Line"; and
3. Pay attention to US Dollar Index and S&P 500 on their inverse correlation.
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Donation (It's up to you)
If you want send some crypto, I accept Bitcoins .
: 1J6QyeubuTtDd9vs7B7kFhmSzjWM1K827T

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NOTE: Not a Financial Advice to BUY/LONG Or SELL/SHORT
For Educational Purpose Only


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