After all NEO has turned and is now on its way up. This could be the third, motive wave and could lead us to 96 - 112$. At this level we reach the descending trend line and the price could turn into wave 4.
The correlation between BTC and NEO isn´t very high (0.23 on daily closes) but there is a correlation. So if BTC continues higher NEO also will do. And BTC shows good sentiment as well.
NEO is more volatile than BTC as can be seen in the comparison. With BTC rising it is probable that NEO rises faster (and vice versa).
Indicators:
RSI has crossed the falling trend
ADX shows neutral
Volume is good, so we could have enough momentum for the next trend
conclusion:
NEO has good chances for a short run up to 96$ (fib retracement) or above
Stop: If the price falls back under the support at 58$ it could have been a false signal and we´ve not entered the third wave yet
The correlation between BTC and NEO isn´t very high (0.23 on daily closes) but there is a correlation. So if BTC continues higher NEO also will do. And BTC shows good sentiment as well.
NEO is more volatile than BTC as can be seen in the comparison. With BTC rising it is probable that NEO rises faster (and vice versa).
Indicators:
RSI has crossed the falling trend
ADX shows neutral
Volume is good, so we could have enough momentum for the next trend
conclusion:
NEO has good chances for a short run up to 96$ (fib retracement) or above
Stop: If the price falls back under the support at 58$ it could have been a false signal and we´ve not entered the third wave yet
Trade active:
Trade closed: stop reached
Wave-analysis is still valid. We should be on the motive wave riding to 96$ or 112$.
Nevertheless there are some resistances to be taken on the way and we shall watch this.
1. resistance: fib retracement at 23.6%
2. resistance: swing trend line at 80$
3. resistance: fib retracement at 38.2% (96$)
4. resistance and take profit: 112$: descending trend line