ntaylor360

NEO testing key resistance levels, can it break through?

BINANCE:NEOBTC   NEO / Bitcoin
NEO is currently testing a few key resistance areas right now. Just above it has the 100 day EMA as well as a strong area of horizontal resistance. NEO will need to break through both of these areas if it expects to continue further. However above those areas it will also face the long term downward trend line as well as another area of horizontal resistance.

NEO tends to move in same direction as BTC . If BTC takes another dive back down to test the $7,500 level I would expect NEO to head back down as well and find support on the long term upward trend line . This would also be the .618 Fib Retracement level. In addition the buyer histogram (in blue at the bottom) shows that buyers are starting to loose momentum at this current point in time.

All factors taken into account and the fact that I believe BTC will need to head back down to test the $7,500 level I would expect NEO to head back down as well as opposed to up in the short term.

I'll post more updates as this continues to play out.
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