NEO Price Analysis

T

Trading Ideas

Guest

NEO Price Analysis
NEO / Dollar BITFINEX:NEOUSD
Slyx737

NEO has recently had lots of buying pressure sold off and has formed a nice falling wedge .

There is a small bull cross on the stochastic RSI and a double bottom that is taking place on the RVI.

This leads me to believe we'll see some short term buying happen quite soon.

However, I do not think there will be room for much upwards price action due to the Kijun and Tenkan acting as resistance, the Kumo is still bearish heavy resistance, and the ADX is bearish as well.

In conclusion I think the price could move upwards to the top of the wedge and bounce off the .382 (short term) Fibonacci level.

Continue reading...