NEO is one of the last coins which is still in a long ascendig trend channel. But now it has reached the lower limit of this trend channel and it surely will test it.
If it breaks through and remains out of the channel for at least two days I consider the trend to be broken.
On the other hand indicators are low and a change in direction is possible.
MACD for example is on lowest level ever, RSI is below 30 but not oversold. In the past RSI - levels 30 - 20 have been good buy opportunities (and levels above 60 - 70 to take profits).
Volume is low, price below EMA 20 (delta to EMA is relatively high).
Testing the lower line is possible or even probable. With indicators showing a possibility for a change in direction the price of NEO could stay in channel and rise to last fib retracement.
Leaving the trend channel would result in more losses and the next support is fib retracement 23.6% (72$).
buy: if support halts (trend channel + fib retracement 38.2% at 97$) -> first restistance at 137$ (fib retracement 61.8%) -> second resistance at 164$ (fib retracement at 78.6%) -> third resistance at 199$ (fib retracement 100%) and then upper limit of trend channel
stop: leaving the trend channel to the bottom and / or breaking the support at 97$ (fib retracement 38.2%)
If it breaks through and remains out of the channel for at least two days I consider the trend to be broken.
On the other hand indicators are low and a change in direction is possible.
MACD for example is on lowest level ever, RSI is below 30 but not oversold. In the past RSI - levels 30 - 20 have been good buy opportunities (and levels above 60 - 70 to take profits).
Volume is low, price below EMA 20 (delta to EMA is relatively high).
Testing the lower line is possible or even probable. With indicators showing a possibility for a change in direction the price of NEO could stay in channel and rise to last fib retracement.
Leaving the trend channel would result in more losses and the next support is fib retracement 23.6% (72$).
buy: if support halts (trend channel + fib retracement 38.2% at 97$) -> first restistance at 137$ (fib retracement 61.8%) -> second resistance at 164$ (fib retracement at 78.6%) -> third resistance at 199$ (fib retracement 100%) and then upper limit of trend channel
stop: leaving the trend channel to the bottom and / or breaking the support at 97$ (fib retracement 38.2%)