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Thursday, October 8, 2020

NEOUSD & *Completed* Wyckoff Accumulation

NEOUSD & *Completed* Wyckoff Accumulation

NEO / Dollar BITFINEX:NEOUSD

Background:
This is continuation of this post in which we explore the Alt Coin Market Cap showing signs of Wyckoffian accumulation. Please review this chart work first.

Chart Analysis:
It appears that NEOUSD, the 20th largest crypto coin by market cap, has recently completed Wyckoff Accumulation and is currently undergoing a Wyckoffian SOS or "Sign of Strength". If accurate, this would indicate that the Composite Man, the marionettist of macro markets, is leaving the accumulation phase and beginning his macro markup campaign. This is particularly exciting since the last time we saw a similar macro example was in 2015 with BTCUSD where it made a ~100X return from the accumulated lows. Something similar here would suggest ~$400 NEOUSD at the end of the upcoming bull run.

Note: A return to the prior trade range ($15.50 or below) would disqualify this setup as shown. More consolidation would be needed before a macro pattern could be identified.



from Trading Ideas https://ift.tt/3jHpQ9C
via gqrds

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