The price is moving inside a large parallel uptrend channel. Additionally, the price is forming a falling wedge bullish reversal pattern, which indicates the selling is slowing down, and a bounce is likely to happen soon, which also matches with the channel support line.
As long as BTC is behaving well, NEO/BTC is likely to show very nice gains from this area.
Targets: 1. 0.009288 2. 0.009774
If the price breaks down from the uptrend channel and closes below, then this pattern is invalidated.
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Looks like it's bouncing from the support line of the channel.
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Great bounce from the support line, and now touching the 200 sMA and the resistance of the wedge. This resistance is very strong here, so I doubt it will break it at first attempt, but the price action so far is very positive.
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It started so well, but then the price broke down from the channel. Now it is retesting the previous support of the channel as a new resistance. Unless the price gets back above into the channel, and/or breaks the resistance of the wedge, things are not very positive. Good thing is that the support of the falling wedge still holds, and even better sign is that there is now a large bullish divergence with the price on RSI, which usually indicates a move higher. That could maybe be enough to push the price above the resistance.
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Broken out of the channel. Then broke the wedge support line as well. Not good. The wedge is now almost invalidated. The chances for a breakout are much smaller now.