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AFTER DROPPING FROM $45 NEO BEARS SHOULD WATCH $34 SUPPORT

Dalmas Ngetich
Dalmas Ngetich
4 years ago
3 mins read
neo bears

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Created by industry experts and meticulously reviewed
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After lower lows, NEO bears seem to be finding resistance at $34. Nevertheless, given that obvious bounce from $45, NEO looks likely to consolidate within a $20 range especially if there is a break below $34 today.

Let’s look at the charts:

BEAR PRESSURE IN 4 HR CHART BUT NEM BULLS STILL IN CHARGE

alt coin NEM Daily chart
NEMUSD Daily Chart for November 22, 2017

If you are trading this pair, you only have to look at the behavior of the stochastics. It is almost mixed and zig zagging indicating how price movement in lower time frames look like.

All in all, the NEM bulls look to be in charge now that yesterday closed with a long upper wick. In the 4hr chart there is some sell pressure.

However, if NEM prices manage to stay afloat and fail to close below $0.198 then bulls are strongly in charge and a push above the main resistance trend line is likely to happen.

DASH WHIPSAWS

alt coin DASH Daily chart
DASHUSD 4HR Chart for November 22, 2017

On November 20, DASH gained a massive $350 but as we saw yesterday, it gave back those gains after printing lows of $435 which was just $14 shy of November 20 lows.

That was how volatile DASH was yesterday. In the 4HR chart, the main support trend line which has been DASH spring board from November 6 prevented prices from dipping further as you can see in the chart.

We still remain bullish and since there is a stochastic buy from support line in the 4HR chart, intra-day traders should only be taking long positions.

CLOSE ABOVE $0.90 IMPORTANT FOR ALT COIN IOTA BULLS

alt coin IOTA Daily chart
IOTUSD Daily Chart for November 22, 2017

From price action characteristics, IOTA is definitely bullish. We can see that from yesterday’s long lower wick and the fact that IOTA prices are inching higher and striving to close above immediate resistance at $0.90.

From our post, if it does that, IOTA bulls should be eyeing August highs of $1.1. However, if prices tumble today and close below support of $0.83 in the 4HR chart, then we enter short and take our profits at around $0.61.

We should exercise caution in our buys because after all, stochastics is around the overbought territory with IOTA printing lower lows relative to the upper BB.

AFTER CLOSING ABOVE $136, MONERO BULLS NOW AIM $153

alt coin Monero Daily chart
XMRUSD Daily Chart for November 22, 2017

As per our interpretation yesterday, Monero prices are appreciating after closing above $136.

For this move to happen we have to see some strong bullish confirming candlestick today.  It also means going long in the lower time frame whenever there is a stochastic buy signal.

Notice that yesterday’s candlestick ended up as a bull with long lower wick. This close means there was rejection of prices below $136.

NEO BEARS HIT RESISTANCE AT $34

alt coin NEO bears Daily chart
NEOUSD Daily Chart for November 22, 2017

Following that bear divergence pattern in the 4HR chart, NEO price action is now correcting lower following that over valuation.

It is worth noting that a double reversal pattern is also forming along the main support trend line. Additionally, there is whole candlestick forming outside the upper BB.

Further NEO devaluation yesterday made November 18 and 19 highs a retest. It also completes a bear break out pattern.  That means we sell if NEO close below $34.

Either way, this reversal will keep price action oscillating within another large trading range between $45 and $20.

All charts courtesy of Trading View

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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