Hey everyone, figured I'd switch it up a share a quick analysis on NEO. It has become my second largest holding, thus look at it pretty often. We are coming to an interesting point on the daily chart with it.
Descending Triangle
Looking at the chart of NEO vs USD you see a descending triangle has formed over the past month.
We have support around the $14 mark and a descending trend line that is getting tighter to that line. Sometime over the next week we should see NEO either push past that descending line or it will push lower and test the support line.
I prefer the former as the latter could mean a breach lower which leaves us exposed to downside risk below $8.
NEO News
If you have not already seen it, there has been recent news of NEO working with the Chinese gov't in their quest to on board digital currency as a mainstream payment form.
There really isn't clarity on whether the Chinese gov't plans to implement their own digital currency outright or leverage NEO, but NEO is working with them in some facet.
I only look at that as a positive for NEO.
We shall see what the coming months bring on that front. Sounds like possible news catalysts for big moves though.
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Best Regards,
NEO is the chosen one!!!! For real!!!
I think after this FUD with China they are going to give NEO the green light. If they do, which I hope so, You will see so much capital and projects built on the new platfrom.
UPVOTED like always @scaredycatguide
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Thank You SCG for sharing Your thoughts & analysis and I believe You are correct... I own a considerable amount of NEO at very good price levels, so I am biased.
China is most likely going to support NEO at some point because the amount of time, work & infrastructure that NEO has already done in the last 2 years would not be easy to duplicate in a short amount of time.
Well Done SCG !!
Cheers !!
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Agree with those sentiments and hope you are correct! :-)
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Who knows where it will go man?
This is definitely an interesting note though!
I appreciate the heads up
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My pleasure, someone wrote a more detailed post about that news than me.
If you want to check it out: https://steemit.com/cryptocurrency/@cryptomarketking/the-future-of-crypto-in-china-and-its-relationship-with-neo#@scaredycatguide/re-cryptomarketking-the-future-of-crypto-in-china-and-its-relationship-with-neo-20170924t051321039z
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We all know China Policy actually they want to control all things, so after some time implement new laws for business. @jagjitsingh
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In my opinion, states and governments understand the need to codify the digital process
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Was good to look at the graph and get my head round some of the jargon. I have an idea what it all means but having the chart and descriptions make it a lot easier. I am poised to buy another NEO coin and continue staking, using the coin to get another crypto is awesome.
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