Lets take a look at the neo markets on 1 day candles to get an idea of what is happening.
In my opinion NEOUSD is undergoing a very healthy correction, however it is important to note that we are currently in bearish trend, not really surprising considering the markets at the moment.
We can see that NEOUSD found strong support around $100 where prices were pushed into the $140 zone where we saw quite a lot of action before it was rejected as support and became resistance.
Short term speaking we could see a retest of the $100 – $120 zone, and this is also where some day traders are placing some buys to catch the bounce.
Longer term speaking I expect NEOUSD to continue its bullish momentum at some point, most likely when Asia stops having holidays.
I see solid support at $100, but should prices break below that the longer term support zone is $60 – $100.
Feel free to discuss this trade idea with us in Discord.
In my opinion NEOUSD is undergoing a very healthy correction, however it is important to note that we are currently in bearish trend, not really surprising considering the markets at the moment.
We can see that NEOUSD found strong support around $100 where prices were pushed into the $140 zone where we saw quite a lot of action before it was rejected as support and became resistance.
Short term speaking we could see a retest of the $100 – $120 zone, and this is also where some day traders are placing some buys to catch the bounce.
Longer term speaking I expect NEOUSD to continue its bullish momentum at some point, most likely when Asia stops having holidays.
I see solid support at $100, but should prices break below that the longer term support zone is $60 – $100.
Feel free to discuss this trade idea with us in Discord.