quantguy
Short

Neo Death Spiral

BITFINEX:NEOUSD   NEO / U.S. Dollar
Over the past 15 days, there are only two bull candles for Neo. This is a persistent bear cycle that is unprecedented in the history of this coin. It is puzzling to even the most bearish Elliott Wave analysts who would expect more from even the minor corrective phases within this abysmal progression. Any rally seems to be a minor correction to this trend. Neo appears to be getting very comfortable in the $70 handle. Just a few weeks prior, investors would have been eager to purchase Neo sub $100. Neo has broken the range between $81 and $92, the latter corresponding to a Fibonacci level. The bullish crab cypher pattern we cited numerously definitely appears to have failed. We mentioned yesterday that we could retest $81 or $80, a psychological level and lower bound of recent support on day candles. But it appears that we are poised to test levels from below sooner than later. We appear to be testing $77, which is a new level from the lower bound on 30 minute charts. Beyond that, we must turn to the Fibonacci level at $69. From above, we have $81, then $92. Then we can expect resistance at $95 and $100, the latter being a major level, which will provide significant resistance, as will $102. After that, there is a vacuum zone to $110.

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Poor NEO :(
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