quantguy
Long

Neo Pulls Back, Momentum Still Strong

BITFINEX:NEOUSD   NEO / U.S. Dollar
Neo has refused to conform to the ranging behavior upon which its other fellow altcoins have insisted. We have seen strong momentum all weekend after conquering some ambivalence around $137 at the end of last week. We have support from below at the central moving average of the KRI             at $139, and are roughly in between that and the upper bound of the KRI             at $174. This level will provide further resistance once we break current resistance levels at $160 or so, which coincides with a Fibonacci Fan level. Currently, we are clinging to support at $155, a Fibonacci level. The Momentum Indicators are very strong at this point indicating that, although we can expect a dip in Neo as it retraces when it enters wave 4, we can interpret this as a buying opportunity.

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