CapMoore

NEO/USD Test of Important Support May 13 2018

BITFINEX:NEOUSD   NEO / U.S. Dollar
Price tested the upper Cloud resistance after its breakout of the descending
long term trendline . It bounced off it and has fallen sharply to the lower end
of the Cloud and in confluence with the trendline , a test of it from above.
Bulls would like to see a strong rejection off the support and some signs of
that is now showing. However, until price breaks above the SMA200 again,
currently at 77,40, there is still a pending risk of a bearish breakout, that
would expose the low at 45. Technically, it is normal to see a retest of a
broken trendline from above, and the same goes for the test of the lower
Cloud after a failure to break above it. Since price is stuck inside the Cloud
as of now, trend is regarded as neutral, but with a slight bullish bias, due
to the trendline breakout. A break above the Cloud would be an important
technical event that would open up for a move towards 104.
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