To you out there who is looking to swing trade or HODL. I'm going to give you perspective and you will decide about the conclusion.
From a technical perspective and historical behaviour analytics this is rather a NO trade point. The level of uncertainty of bouncback or drop is too high. The current market situation also strengtens the NO trade rule as Bitcoin also searches for a new direction, in the shadow of the US Government BIG Sell rumor plus the 60.000 psychological resistence level. We all know that Bitcoin always influences to a certain level the alts no matter the FOMO effect.
Option A (Higher probability) : We need to look into the background of NEIRO in the last couple of weeks. According to CointMarketCap the Market cap for the coin in the last 7 days almost doubled. This kind of growth is not sustainable on the long run. It is seen that inflow also reached a resistance level. The general mood is quite bearish on the market so the probability that buyers are going to cash out is pretty high. This will be strengthent if the price of Bitcoin will continue to drop. Most probably a decent amount of profit taken from NEIRO is going to transfer to Bitcoin of it drops below 60K. If Bitcoin drops below 60K and the market sentiment keeps being bearish it is likely that NEIRO will test the 0.0013 level in the next 3-5 days.
Option B: Bitcoin will make an upword move which will trigger a positive market sentiment. This will help NEIRO to bounce back of todays 10% drop. If the next days candle will be Bullish there is a high probability that a new all time high will be realised and a new FOMO effect will kick in which will significantly push the price with an expected 20-30% growth.
Summary: Any trade at this level is considered High Risk trade. Everyone planning to do any investment make sure to apply good stop/loss settings and a good risk management strategy. Due to the high volatility of the currency high Levarage is not adviced due to liquidation risk! ( Unless you are a hardcore gambler đ )
If you are interested in such analysis/perspectives or you would like to see in depth insight of other currencies supported by my custom charts and metrics leave a comment!
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