BITTREX:NEOBTC   Neo / Bitcoin
Good Morning, Traders!

NEO/BTC is one of the few altcoins that was able to stay heavily afloat during this, now, bear market. As the price completes what looks to be a weak head and shoulders pattern, the price is approaching the support level of 0.00818391 and the fib retracement level of 50%.

The RSI is at a very low level at around 28. Being oversold and testing support levels gives people a great opportunity to buy. At least in the short term as the price action and market, in general, is relatively bearish .

If these support levels are broken, the price will probably not spike downwards unless the bearish volume increases significantly soon. But there is a possibility that the price will remain bullish and the very small descending wedge at the end of the chart will break downwards. In this case, the price will continue to be oversold.

Important Resistance Levels: 0.0100
Important Support Levels: 0.00818, 0.006766, 0.00569

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WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.

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Written by:
Arham Bheda
Senior Research Analyst
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