It bounced off of the bearish trendlines heading odwn from its ATH before reaching the supportline derived from price action in the beginning of the year - before the august hype rally.
As you can see, evertyhing above the upper resistance channel line that it broke through on 4th of august is FOMO hype.You can see it tested that very same channel guide today, as it bounced up from support this morning - one month later.
We can assume therefor that Neo has returned to the channel it had been in, before the August 4th hype.
Let's go the NEO news of that date.
Luly 27: Neo founders do an AMA on reddit.
August 10th, this article appears in forbes.
www.forbes.com/sites...ild-a-smart-economy/
Here we can see the next spike on the chart. It bounces off against the line i'm drawing between this spike, and the august 7 one, that again is touched on the 18th.
This line therefor will remain on my chart until the next *silly hype rush* - should it ever go above it again, it's time time to short.
We can even see it show up as short term support after the absolute follly ATH of near .2 ETH/NEO.
(Why am i looking at ETH/NEO? Because they are competing coins, with a geopolitical vector.)
Again, back to the forbes article. Before it publishes, the price of Neo bounces *up* off of the same lines that showed resistance before it broke through around the 4th and then again 5th of august. The same line I now call resistance.
We still haven't answered what happened on the 4th and 5th of august to support this increase in price action.
Huffington Post picked it up on the 12th of August, and indeed we can see another dip being turned into an all-time-high rally, which quickly collapses - any news on the 15th of august to coincide with the beginning of the bull-trap? (I believe we are all familiar enough with the 'anatomy of a bubble'-chart to see what i mean by that. if not, make sure you become familiar.)
Ayway, I'm kind of done with finding the news on this. There's a chance the bearish trendline drawn between and extended from the 16th and 23rd of august's peaks will drive the price down onto proper longterm support - but we will break through that one and resume the channel no later than the 9th of september.
Comment:
Ah, ofcourse: August 4th is when Neo was renamed as such from the previous nomiker, Antshares.