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Today is December the 5th and I've had members ask me to do a technical analysis over NEO. First off, I address a lurking question most of my members have, and that is, "Would it better to trade an Altcoin over Bitcoin or against the dollar?"
To answer that, you need to first do your proper research over the coin. In this case, it's NEO. NEO is a major cryptocurrency (2.75 billion US market cap), regularly receives a ton of volume, and it's evident that NEO is a very strong project.
However, we want to get a little further and we can see that the majority of NEO is traded against BTC. So, personally, I want to be in a position to where the volume is always flowing; there really is no preference. Lastly, if I were to prefer anything, it would be, "where is the best technical trade setup?". In this case, we can do NEO technical analysis.
Until we find signs of stability, there's really no reason to assume that the trend changes, until we actually see that break of the trend. When we start to measure NEO, we can see algorithm footprints. This is because the swing high to low meets almost exactly on the 50% level. This is an excellent sign and now we can do some NEO technical analysis.
Now we can put a pitchfork on that swing and see if we have any confluence here with market geometry and structure. This is very reasonable,becuase we could be heading towards the green target level given to us, from when we first measured in our NEO technical analysis.
Because NEO is trading exactly as it is predicted and hasn't broke it's trend, I tend to see that the opportunity isn't there, until the trend has broken.
At the 1 HR (Bittrex) we have a gigantic trade fail in front of our eyes. I thought we had a truncated fifth, we have our big impulsive move, and then we would go higher. However, we didn't. We had a successful corner pocket trade.After our trade goes down from the median line, NEO becomes a complete failure for a technical trade. Therefore, I wrap up that I do not see an opportunity to technically trade NEO (against BTC) right now. It is failing too much for my comfort.
One extra bonus I was planning to include in this NEO technical analysis video is to never let your emotions get to you, just because you believe in the coin. This is me helping you out, so that if you ever do technical analysis, you will know how to spot a failed trade, or catch the failed-trade earlier, so you don't lose all of your money invested.
Now, let's do our NEO technical analysis over the dollar. This is mainly for the long-term holders. We define a 1 and 2 wave. We verify that wave 2 can go that deep. It looks like it tried to reach out, but it didn't make it yet. We can see that the algorithm target has been made and there is potentially a trade being setup. We see a potential wave 3. However, because NEO isn't the same size or larger than wave 1, we don't know if it is a wave 3.
In conclusion, our main things we want to look in this NEO technical analysis are as follows:
* Where is the technical setup?
* Can I qualify where I am in an Elliott wave count?
* Are the algorithm bots in?
* Do I have market geometry that's trading in my favor?
Essentially, you just need to know where the market is trading, where the volume is, what kind of coin it is, can you trade the coin on your desired exchange, do you have a different trade setup, compared to Bitcoin? You need to know these things to be a successful technical trader.