*Video Recap Below
Hey what’s up guys. Just a little quick hitter video today so I can show you the technical set-up I’m looking at. However, after my last call you may not be interested! Briefly commenting on the last horrible technical call, I will say that I got burned by one of the best known rules in trading, which is “the trend is your friend”. I was so caught up in the hype coming from Neo-Devcon, and the potential for a Technical Breakout to the upside, that I overlooked the Bitcoin/Overall Market correlation to NEO. I remember even thinking NEO was attempting to decouple, but that’s not something any crypto is ready for just yet, and down we went.
Now when considering the Overall Market Conditions, not to mention the ridiculously bullish flip in media sentiment thanks to our new Crypto friends in the United States SEC Commission, we must give even more probability for a potential NEO breakout. NEO, once again is setting up, and this time the complementary Fundamentals may be the GAS this rocket needs.
Since the last time we’ve talked, besides having Bitcoin show great strength, we’ve had an Ontology airdrop announced, an overwhelming and collective (Post Devcon) media realization of the inevitability of NEO’s Smart Economy drop a supernova upon the Cryptoverse. Crypto Bud with his 65 K followers, even just made a video pronouncing NEO the new king of crypto after seeing what transpired at Neo-Devcon with the community, and when considering Da’s ambitious scaling goals to 100K TPS. This of course, blends well with the positive larger media coverage, as NEO is finding it’s way into article after article. The hypeis culimanting over the results, NOT HYPE, it's refreshimg and why NEO is so unlike anything the Blockchain World has seen in terms of delivering the goods. When Da speaks of the roadmap, book it as done. The NEO web spans methodically, and with purpose.
Now with all that in mind, maybe we can give even more validity to the technical set-up. As usual NEO finds itself in a Bullish Wedge Reversal setup, and this pattern needs a push to accelerate the breakout. Coincidently, I believe much of the fundamental items discussed above are not really factored into the Market Cap. Consider that almost everything mentioned came after the earlier push to 190$. Especially, as I like to remind, when considering other projects that have nothing tangible, at least when compared to NEO. Potential is and should be a fading indicator and catalyst in 2018, as Potential is up and down the CoinMarket Cap Top 100 list, and there is just not enough room for them all to succeed. Conversely, an Emerging Smart Economy powered by China’s largest Blockchain certain deserves to be in the Top 5 at this point. MINIMUM. And With the NEO media blitz heating up around it’s expanding scope, I think a breakout to ATH’s are imminent and this chart provides the perfect setup for launch.