Earlier today bitcoin drops from $9,4k to $8.4k, I guess this is a huge drop almost 10%. But why Neo is still on Bullish trend?
Neo drops more than 5% but still on bullish trend? Why? because people of China still believing in President Xi's comments regarding his goal that China would be a global leader in blockchain technology soon, So Naturally speaks these comments will reflect favorably on China-based blockhain project and that's NEO.
This is how Powerful Chinese supports its own Altcoins. Some people said Ethereum is for US and Neo is for China.
Check the graph it shows double tap on the bottom of the chart and this is the lowest price of NEO this year.
Check the red trendline below MacD see? it's like he counters the price of bitcoin and people don't want to sell from 1500 satoshi to 1400.
As the result say NEO/BTC pair is still bullish with of course a little correction and this is a good time to buy.
China-based projects will continue to see further upwards momentum.
You can check the video below about President Xi Jinping about blockchain.
Always put stop loss to manage your risk.
Remember: TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. The trader must be able to manage risk.
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