NEO - The Year of the Smart Coin
Crypto currencies are changing the world we live in and one of the Countries that will surely be a leader in this space is China. Now this does not mean I am going out and buying every Chinese coin there is. NEO' is definitely one that I think holds the potential of taking market share in the near future and its chart is highly bullish.
Unlike many of the other blue chips NEO' has reversed in a bullish manner and has broken through the 0.618 recent corrective wave (C) and is testing the 0.618 level of the overall correction. A break of this level would be a signal for further bullish movement. I will not get into all the technical aspects of the differences between NEO' and ETH' here, but NEO' has some technical advantages over ETH' even though Ethereum' ,without a doubt, has a first market advantage. One thing to note in all this is that China's political structure provides a huge advantage to Chinese companies. Alibaba JD.com and Baidu are just a few examples of how the 2nd largest economy in the world can create a great working environment for its companies and create difficulty for others to gain market share. This is yet another reason I really like NEO here.
Longer term to see NEO' with a 50 or 100 Billion dollar market cap is not out of the question. That would still put it at a lower market cap than ETH' is currently at 110 Billion. So a longer term target of $550 is not inconceivable, and that is how I am positioning myself for the long term. That is over 400% from the current levels and the potential to go higher is never out of the realm in the crypto space.
I am adding a 1/2 positional trade here with a $250 target level and will add either on a pullback or a breakout of $160. The intent is to use this trade to add to my longer term position.
On the BTC/NEO chart we have definitely recovered from the recent BTC/NEO ratio. Like the gold and silver ratio we can look for strong movement with alt coins by comparing them to bitcoin. A breakout of the previous ATH' would be a good signal that NEO' outperforms BTC' in the short and medium term. This is critical to follow as if a coin can not outperform Bitcoin' I would rather own Bitcoin' moving forward. This is one reason I have been looking to readjust my portfolio and reduce my core position down further.
Unlike many of the other blue chips NEO' has reversed in a bullish manner and has broken through the 0.618 recent corrective wave (C) and is testing the 0.618 level of the overall correction. A break of this level would be a signal for further bullish movement. I will not get into all the technical aspects of the differences between NEO' and ETH' here, but NEO' has some technical advantages over ETH' even though Ethereum' ,without a doubt, has a first market advantage. One thing to note in all this is that China's political structure provides a huge advantage to Chinese companies. Alibaba JD.com and Baidu are just a few examples of how the 2nd largest economy in the world can create a great working environment for its companies and create difficulty for others to gain market share. This is yet another reason I really like NEO here.
Longer term to see NEO' with a 50 or 100 Billion dollar market cap is not out of the question. That would still put it at a lower market cap than ETH' is currently at 110 Billion. So a longer term target of $550 is not inconceivable, and that is how I am positioning myself for the long term. That is over 400% from the current levels and the potential to go higher is never out of the realm in the crypto space.
I am adding a 1/2 positional trade here with a $250 target level and will add either on a pullback or a breakout of $160. The intent is to use this trade to add to my longer term position.
On the BTC/NEO chart we have definitely recovered from the recent BTC/NEO ratio. Like the gold and silver ratio we can look for strong movement with alt coins by comparing them to bitcoin. A breakout of the previous ATH' would be a good signal that NEO' outperforms BTC' in the short and medium term. This is critical to follow as if a coin can not outperform Bitcoin' I would rather own Bitcoin' moving forward. This is one reason I have been looking to readjust my portfolio and reduce my core position down further.
פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.