NEOBTC
has been in a downtrend for a while. I decided to locate areas where it could possibly reverse. According to my trend analysis, it could find strong support around 0.00200 level (if not earlier) because that is where it would meet the mean line and major horizontal support. If it plays out like that, we could then see a bounce up to 0.00460. This is where the 0.382 Fibonacci retracement level and longer-term downtrend line meet. I'm not suggesting that we will get that low but this is one possibility nevertheless. And a nice reversal area too!
Thanks for reading. Feel free to comment below.
Comment:
Update: so we are back above the dotted trend line that was previously broken. This now acts as support, next support is at 0.00340 area. I would say that it is now much less likely that we will drop below these two levels. Our next challenge is to get above 0.00470 and break the downtrend resistance line.