quantguy
Long

Neo Dead Cat Bounce?

BITFINEX:NEOUSD   NEO / U.S. Dollar
Neo has fallen quite a bit but seems to have rejected the lower bound of the KRI . Although it has been setback quite a bit, we still seem poised to rebound. The Kovach Momentum Indicators have dropped to reflect the weakness, but the OBV is somewhat bullish , which is encouraging. If Neo breaks down further, we'll have support at $100, $95, and $92. The first major level from above is $110, which is an important psychological and technical level. It corresponds to a Fibonacci level and a Fibonacci Fan level. Next, we have $115, $118. Further, from above, we have $124, $126, $131, $134, and $138, before we can think about levels in the $140's. If weakness continues, we have a bullish crab cypher pattern forming which could portend a breakout.

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