ALERT! - NEO pending bearish reversal: keep your eyes open
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The NEO graph shows us a clear rising wedge, which is a typical bearish (reversal) pattern.
We can also see that it has fallen back from a recent high to retest the trend channel's support line.
In combination with a very bearish (daily) MACD (just see the highlighted death cross that just took place a couple of days before and that directly shifted the price in a downward trend), this is a good moment to keep your eyes open on NEO. (Furthermore, also RSI confirmes this view).
You can also see that the trendline actually coincides in this point with the 23,6% Fibonacci level. If it falls through these supports, next target is at 0,00968 (or the next Fibonacci level).
You can also see how NEO tested the Fibonacci's in the upward level, before breaking through each time: if you have a look at the 4-hourly chart, you can see a bullish MACD, which will likely precede a short term upward move, before it retests the current pricing level. After that, the odds are currently in favour of the down trend!
PS: this is by no means formal investment advice - do your own due diligence - best of luck in your trades and investments!
PS2: also have a look at the NEOUSD graph as it can provide you further guidance in subsequent analysis.
We can also see that it has fallen back from a recent high to retest the trend channel's support line.
In combination with a very bearish (daily) MACD (just see the highlighted death cross that just took place a couple of days before and that directly shifted the price in a downward trend), this is a good moment to keep your eyes open on NEO. (Furthermore, also RSI confirmes this view).
You can also see that the trendline actually coincides in this point with the 23,6% Fibonacci level. If it falls through these supports, next target is at 0,00968 (or the next Fibonacci level).
You can also see how NEO tested the Fibonacci's in the upward level, before breaking through each time: if you have a look at the 4-hourly chart, you can see a bullish MACD, which will likely precede a short term upward move, before it retests the current pricing level. After that, the odds are currently in favour of the down trend!
PS: this is by no means formal investment advice - do your own due diligence - best of luck in your trades and investments!
PS2: also have a look at the NEOUSD graph as it can provide you further guidance in subsequent analysis.
Nota
Sidenote: on the weekly, there is now a bullish cross in the MACD, so we could reasonably expect some upward movement now. It will be interesting to see how that unfolds in combination with a death cross on the weekly.Nota
NEO fell through support but rapidly corrected by moving back into the wedge support line! On the 4-hourly we see a bullish move, but the daily is still at a death cross. Stay attentive.4-hourly:
daily:
Nota
Incredible to see how NEO is holding its ground on the lower trend channel support line!Nota
31/01/2018 candle stick --> shows a "low test"; upward momentum is intact, and quite impressive.
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