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NEO (NEO) TESTING SUPPORT AT DESCENDING CHANNEL

BITFINEX:NEOUSD   NEO / U.S. Dollar
NEO’s -97% 2018  descending channel . The technicals suggest that it is set to bounce at this level of support. There is also RSI divergence on the 1 Day timeframe.

However, a fall in BTC could drive the price lower. Bitcoin looks set to test the $3,000 support level . Which is currently around a -16% decrease in value. The correlation between Altcoins and Bitcoins are strong and this could be a catalyst to break below this channel.

The Virtualstamp trading team are currently waiting for a confirmation of the trend before entering any NEO trades. If the price holds these levels it is possible to see a run to $12 price region, previously serving as support.
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