Hey, I am back with a Technical Analysis on NEO having hard time.
I was looking at the chart for some while draw some supports and one ressistance, found channels and here is what can happen with NEO.
NEO was in bearish channel when suddenly he have dropped to lower channel from where he bounce back up.
Yesterday NEO has bounced from its support off 7800 from where he could take off, but didnt make any significant move with, today we are headed to the same level.
NEO tried five times to break ressistance of 9,000 and RSI ressistance, but failed every time which led to breakdown.
Taking look at the chart now.
Okay, there two ways that NEO has, either bouncing from 7,800 upwards or falling to a lower bearish channel.
As the channel is getting tighter and we are headed to support, the decision time will come soon.
Taking look at indicators.
MACD is showing downtrend, less buyers more sellers.
RSI is struggling, if wont be able to break 63, it will lead to breakdown to downward channel.
In the end the 7,800 should be decision point.
Hope I made your view on whats going on with NEO somehow clearer.
If you like this TA let me know in the comments, Likes are aprreciated, Thanks !
If this gets a little bit of attention, I will update!
I was looking at the chart for some while draw some supports and one ressistance, found channels and here is what can happen with NEO.
NEO was in bearish channel when suddenly he have dropped to lower channel from where he bounce back up.
Yesterday NEO has bounced from its support off 7800 from where he could take off, but didnt make any significant move with, today we are headed to the same level.
NEO tried five times to break ressistance of 9,000 and RSI ressistance, but failed every time which led to breakdown.
Taking look at the chart now.
Okay, there two ways that NEO has, either bouncing from 7,800 upwards or falling to a lower bearish channel.
As the channel is getting tighter and we are headed to support, the decision time will come soon.
Taking look at indicators.
MACD is showing downtrend, less buyers more sellers.
RSI is struggling, if wont be able to break 63, it will lead to breakdown to downward channel.
In the end the 7,800 should be decision point.
Hope I made your view on whats going on with NEO somehow clearer.
If you like this TA let me know in the comments, Likes are aprreciated, Thanks !
If this gets a little bit of attention, I will update!
Comment:
NEO bullish again!
