TradingLounge Overview of NEO/USD in Elliott Wave Framework

NEO/ U.S. dollar(NEOUSD)  Daily Chart Analysis

NEOUSD Elliott Wave Technical Analysis

Position and Current Phase:

  • Function: Counter Trend
  • Mode: Corrective
  • Structure: Flat
  • Current Position: Wave B
  • Next Higher Degrees: Projecting Wave (II) of Impulse
  • Invalidation Level: 9.85
  • Key Fibonacci Level: Wave (II) measures 61.8% of Wave (I) at the 10.71 level

Trading Strategy for NEO/USD Based on Elliott Wave Analysis

As NEOUSD navigates a complex market phase, understanding its Elliott Wave structure is crucial for effective trading. Currently, NEOUSD is in a counter-trend phase characterized by a flat corrective structure. Traders should note the currency pair is in Wave B, which suggests a short-term pullback. The market anticipates a descent into Wave C following the completion of the current correction. Investors are advised to wait for this corrective phase to conclude before re-entering the market to capitalize on the expected uptrend resumption.

Technical Indicators Supporting the Elliott Wave Perspective

  • Moving Average (MA200): NEO/USD is trading above the 200-day moving average, indicating a long-term uptrend.
  • Wave Oscillator: Current readings show bullish momentum, supporting the potential for upward movement once the ongoing correction phase ends.

NEOUSD-1D-crypto-cha...


Detailed Elliott Wave Analysis on NEOUSD H4 Chart

NEO/ U.S. dollar(NEOUSD) 4-Hoyur Chart Analysis

NEOUSD Technical Analysis

Position and Current Phase:

  • Function: Counter Trend
  • Mode: Corrective
  • Structure: Flat
  • Current Position: Wave B
  • Next Higher Degrees: Looking towards Wave (II) of an Impulse
  • Invalidation Level: 9.85
  • Fibonacci Observation: Consistency is noted as Wave (II) also equates to 61.8% of Wave (I) at 10.71

NEO/USD Trading Strategy for Short-Term Traders

For short-term trading on the H4 charts, NEOUSD presents a similar scenario. The cryptocurrency is currently experiencing a corrective wave in a flat pattern, identified as Wave B. This indicates a potential for further decline into Wave C. Traders should prepare for a subsequent rise, marking the commencement of the third wave. Observing the end of the current wave B's correction will be key to timing entries for riding the next bullish wave.

Key Technical Indicators for H4 Chart Analysis

  • MA200 Position: The consistent positioning above the 200-day moving average confirms the overarching bullish sentiment in the market.
  • Wave Oscillator: The oscillator maintains bullish momentum, echoing the daily chart’s indications and supporting bullish forecasts post-correction.

Technical Analyst: Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: Bitcoin/ U.S. dollar(BTCUSD) Elliott Wave Analysis

Special Trial Offer - 0.76 Cents a Day for 3 Months! Click here

Access 6 Analysts covering over 150 Markets. Chat Room With Support

NEOUSD-4Hr-crypto-ch...

Conclusion and Trading Tips

The detailed Elliott Wave analysis for NEO/USD across both daily and H4 charts suggests a strategic wait-and-see approach for investors and traders. The ongoing correction in Wave B across both time frames is a preparatory phase before a more significant bullish trend resumes. By aligning trades with the completion of this corrective wave and the commencement of the third impulse wave, traders can maximize their potential for gains. Monitoring the MA200 and wave oscillator will provide additional confirmation for entering trades at optimal times.

Related

What is Bitcoin Hash Rate ?

What is Bitcoin Hash Rate ?

The Bitcoin hash rate measures the total computational power used by miners to process transactions ...

Read More >
Polkadot (DOTUSD) Elliott Wave Analysis & Trading Strategy - February 5, 24

Polkadot (DOTUSD) Elliott Wave Analysis & Trading Strategy - February 5, 24

Delve into Polkadot's (DOTUSD) market dynamics with expert Elliott Wave analysis and strategic i...

Read More >
Deere & Co. Stocks Elliott Wave Technical Analysis include DE stock trends, Anticipated Price Targets, and Support Levels.

Deere & Co. Stocks Elliott Wave Technical Analysis include DE stock trends, Anticipated Price Targets, and Support Levels.

This analysis offers a comprehensive look at Deere & Co. (DE) through Elliott Wave Theory, focusing ...

Read More >
 Learn Current Market Trends and Expert Insights: BRAMBLES LIMITED Stock Analysis & BXB Elliott Wave Technical Forecast

Learn Current Market Trends and Expert Insights: BRAMBLES LIMITED Stock Analysis & BXB Elliott Wave Technical Forecast

Explore our comprehensive Elliott Wave technical analysis of BRAMBLES LIMITED (BXB) on the ASX. Lear...

Read More >
Riot Platforms Stock Forecast: Elliott Wave Analysis Signals Bullish Momentum in Daily and Weekly Charts Toward Wave 3 Targets

Riot Platforms Stock Forecast: Elliott Wave Analysis Signals Bullish Momentum in Daily and Weekly Charts Toward Wave 3 Targets

Elliott Wave analysis indicates that Riot Platforms (RIOT) is in a bullish structure with upward tar...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on