The last week Neo has been strong even against the Ethereum.
So what can be expected going forward?
Price has broken above the Cloud on the back of a bullish twist
after being sold off a couple of times by the Weekly R1. It also found
good support by the Weekly S1 on Jan 8. It has been oscillating
around the Monthly pivot point the whole month this far, a level
that has been resistance during the latter part of 2017. (0.10)
Chances are that we will see more of this sideways price action
but there is also a slight chance for a continuation up. This less
likely scenario is marked as an ABCD pattern. This could take price
up to 0.1350. A first sign of continuation would be a close above
the 0.111-0.1130 level. This is just a scenario to keep in mind,
less likely though. To the downside, Bulls do not want price to return
back inside the Cloud on a closing basis, which would likely
push price to the lower end of the Cloud. But this could be a good
buying opportunity for dip buyers, since the projected Cloud is
bullish, and it is unlikely to see a breakout lower with follow through.
Overall, as being a sort of Safe Haven in the Crypto market when
there is a "Risk Off" sentiment, Neo will function on an equal level
to Ethereum. Both are strong and compared to the USD they are
both on a bull run. Currently though with a slight edge for Neo.
The bottom at 0.0550 seems to be the ultimate support for the pair
incase of a full on dump.
If you want to support this channel check out the
profile page at the top for details. Thanks.
So what can be expected going forward?
Price has broken above the Cloud on the back of a bullish twist
after being sold off a couple of times by the Weekly R1. It also found
good support by the Weekly S1 on Jan 8. It has been oscillating
around the Monthly pivot point the whole month this far, a level
that has been resistance during the latter part of 2017. (0.10)
Chances are that we will see more of this sideways price action
but there is also a slight chance for a continuation up. This less
likely scenario is marked as an ABCD pattern. This could take price
up to 0.1350. A first sign of continuation would be a close above
the 0.111-0.1130 level. This is just a scenario to keep in mind,
less likely though. To the downside, Bulls do not want price to return
back inside the Cloud on a closing basis, which would likely
push price to the lower end of the Cloud. But this could be a good
buying opportunity for dip buyers, since the projected Cloud is
bullish, and it is unlikely to see a breakout lower with follow through.
Overall, as being a sort of Safe Haven in the Crypto market when
there is a "Risk Off" sentiment, Neo will function on an equal level
to Ethereum. Both are strong and compared to the USD they are
both on a bull run. Currently though with a slight edge for Neo.
The bottom at 0.0550 seems to be the ultimate support for the pair
incase of a full on dump.
If you want to support this channel check out the
profile page at the top for details. Thanks.
Comment:
The pair hit the target of the ABCD pattern in a few candles and has since retraced some of that but is now back on the run higher and looking strong. A close above the 0.1355 high will likely push price towards 0.1450 and the Yearly R1.