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Bitcoin & NEO Remain Strong

Bitcoin has risen from the lows of around $3000 in mid-September back to near $4400.  We are now at what was major resistance before the break.  I expect there to be a pause here.  BTC has been riding up a nice channel since around $3500 so any break of that trend to the downside will signal that pause.

NEO has also asserted itself as a leader in this recent rally and continues to shows great strength.  This will be a key week for both Bitcoin & NEO as they are right at resistance points.  NEO however has recently broken out of bull flag pattern and if it gets above 850k satoshi level, we could see another strong leg up to around 1000.

I posted a video recently outlining the key levels I’m watching for Bitcoin, NEO, Ethereum and a handful of altcoins I’m watching here.  In summary, the market remains in bull-mode but a pullback would be normal here.  We’re starting to hear more noise around another coming hard fork for Bitcoin in November and counties around the world continue to sound the alarms on ICOs and Cryptocurrency regulation.  I do not expect that to go away anytime soon.

Below is the latest video with the technical analysis on the coins I mentioned here.

 

 

 

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A New Leader Emerging? Antshares (NEO)

It’s during sharp sell-offs and market corrections that I keep a watchful eye for those cryptocurrencies that begin to show strength and leadership on the way up.  As Bitcoin and Ethereum are bouncing, we saw some big movers early on.  The one that has my attention right now is Antshares.  Antshares will soon be rebranded and will go by NEO.   It currently trades as ANS on Bittrex.  Now, Antshares was already zooming higher prior to the sell-off and also had a decent pullback.  However, it’s rebounding with strength and poised to move higher here.

NEO is being called the “Ethereum of China” and is a platform that will allow users to create smart contracts and other blockchain services using a wide variety of programming languages.  So far, the problems they are solving and the technology behind this project are very impressive and I highly recommend you do more research into them.

NEO logo

From a technical analysis perspective, the chart below shows the recent price action.  Looking at the Fibonacci levels, you can see that after the big run up, ANS began a correction that bottomed just above the 78.6% retracement level.

Since bouncing, the volume has begun to increase which is exactly what you want to see and we are now seeing the moving averages turn north again.

Looking at the daily chart, the move is much more pronounced and today’s price action was very bullish and indicates a lot of interest and accumulation at these levels.  Additionally, the volume during the recent pullback was decreasing and prices never fell below the 30-day EMA.  It’s now back above the 10-day EMA on the BTC chart.

From a price and market cap perspective, ANS (NEO) are currently ranked at #19 on CoinMarketCap and valued at $350 Million.  If this truly is the “Ethereum of China”, then we have much more room to grow from a market cap perspective.  Consider that Ethereum went from $800 Million at the start of this year to over $36 Billion before pulling back recently.   ANS is currently priced at $7.00 but was as high as $11 just a few weeks ago.  ANS (soon to be NEO) should be on your watch-list.

 

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