CRYPTO of the week NEOUSD 4H: watching
NEOUSD 4H ASIA UPDATE - 04/06/2018
The bounce from 44.34 low was in a corrective 3 waves (purple 1) and the FLAT (red 1-2-3 cycle) extended to 47.45 and I stayed aside because there was not setup according to my system. However, the price bounced from 47.45 and as long as above this level, we can expect more upside. However, NEOUSD is still bearish turning neutral in 4H and we would have bullish sequence only above 94.65 high to equal leg area 97.94-109.85, so expect some big fight around this area.
For now, I don't like to buy or sell at current levels and would look (because daily did not reach equal leg so I need to find a bullish sequence in the 4h and I don't see anything with sufficient risk to reward ratio). We will see if we can find something in lower time frame (like 5 waves up structure).
For investors or contrarian traders, 47.45 was a great price to buy, but it has been a great price to buy since 70 and I don't have Warren Buffet's deep pockets ;-)
Invalidation level to the upside is 44.16.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 04/06/2018-10/06/2018, I propose NEOUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
The bounce from 44.34 low was in a corrective 3 waves (purple 1) and the FLAT (red 1-2-3 cycle) extended to 47.45 and I stayed aside because there was not setup according to my system. However, the price bounced from 47.45 and as long as above this level, we can expect more upside. However, NEOUSD is still bearish turning neutral in 4H and we would have bullish sequence only above 94.65 high to equal leg area 97.94-109.85, so expect some big fight around this area.
For now, I don't like to buy or sell at current levels and would look (because daily did not reach equal leg so I need to find a bullish sequence in the 4h and I don't see anything with sufficient risk to reward ratio). We will see if we can find something in lower time frame (like 5 waves up structure).
For investors or contrarian traders, 47.45 was a great price to buy, but it has been a great price to buy since 70 and I don't have Warren Buffet's deep pockets ;-)
Invalidation level to the upside is 44.16.
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 04/06/2018-10/06/2018, I propose NEOUSD
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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