NEO has made fantastic gains in a day but has not made it out of the woods yet.
As the chart shows, it has passed the 20 day EMA, 50 day SMA, the 0.68 retracement and is near the edge of the downward trend line but...... the day is not over and it needs to finish the day at or above the current price of $132.
If this occurs, than the moving averages may act as a support to push NEO past the downward trend and towards a new upward pattern or at least a consolidation period. Otherwise it may be delaying a breakout later on or follow the same pattern as Bitcoin and Ethereum.
As the chart shows, it has passed the 20 day EMA, 50 day SMA, the 0.68 retracement and is near the edge of the downward trend line but...... the day is not over and it needs to finish the day at or above the current price of $132.
If this occurs, than the moving averages may act as a support to push NEO past the downward trend and towards a new upward pattern or at least a consolidation period. Otherwise it may be delaying a breakout later on or follow the same pattern as Bitcoin and Ethereum.
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Neo is in the upward trend and has broken many resistance points along the way.
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I've shown the new boundaries of the upwards trend in yellow.
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Although there has been a drop, NEO is still in the upward trend.
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It appears that Neo is testing the 50 day SMA as well as the downward trend line. Where other crypto has gone up recently, Neo hasn't. Still believe it is going towards an uptrend.
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NEO has been pulled back under the original downward trend and under the 0.68 fib retracement.
I don't see a clear pattern other than the H&S that all the other crypto coins have.
I don't see a clear pattern other than the H&S that all the other crypto coins have.
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