On weekly chart priceline of Neo coin has formed a and the support of this is at 5.46 dollar. This is really very strong support that is not broken since December 2018. During the recent strong move in the month of March 2020 we have seen that the price action has hit the spike upto $4 but could not break down the support. After placing the on the complete price action of this as a result we can see that the traders interest is really very low below $6.8 and above $11.70. And the pint of control of is at $9.30. Therefore when the priceline moved in the area where the traders interest was weak it turned and moved back into the zone where the traders are interested to trade.
Oscillators and indicators:
After hitting the support of this the oscillator has given bull cross from the oversold zone and the moving average convergence divergence the indicator was strong but now it is turning and if we see the then it can be exmaniced that the directional indicator 1+ is moving up to form a bull cross with the directional indicator 1- . Once this bull cross will be formed then the price action can turn more to make an attempt to breakout the resistance of this .
If we see the on weekly chart then it can be observed that the cloud is turned very weak at this time. Therefore it will be easy for the priceline to cross up the cloud. And once the pric line of Neo coin will be able to cross of the cloud then it will be really a very big success for the Neo coin because the Neo coin could not cross up the cloud on weekly chart since it is appeared in the history of this asset. The lagging span has entered in the priceline and once it will cross up the then it will be another very strong signal. The conversion line has touched the baseline and soon it will also form a complete bull cross then there will be strong chancess that the cloud will be turned and the price action will cross up the . And after crossing up the cloud Neo coin can start a really very powerful rally.
Very big pattern:
Now if we switch to the 2 week chart then it can be easily witness that the price range of NEO coin has completed a patter. And after the completion of this pattern now the price range is moving in the potential reversal zone of this big . Potential reversal zone is also a buying area and the maximum extent of this potential reversal zone should be used as a stop loss. Now there are strong expectations that as per Fibonacci sequence of the priceline should move up from this area and enter in the of C to D leg from 0.382 to 0.786 .
The buying and sell zones start and end as below:
Buy between: $7.49 to $5.84
Sell between: $9.73 to $13.81
But if the price line will breakout the $13.81 barrier then it can turn really very strong coz in that case it will also breakout the resistance.
At this time all signals are turning but soon they will be turned strong because the Neo coin is already getting bounced from the support of . But we should be careful about the stop loss and the support of the or the potential reversal zone of pattern should be used for this purpose.