NEO hasn´t seen the white rabbit but a crossing point - with the long descending trend line.
This could have marked a new upways trend and on 4h-basis we can draw an ascending trend channel.
Also it has crossed the falling trend in RSI; not much yet and it is to expect that the price falls some cents further.
In the short run some deeper prices could be seen - but in the long run I expect higher prices (see green arrow). The aim should be the fib retracement at 23.6% (72,50$).
Surely, on the way to this level NEO has to take some resistances (swing trend lines) - it won´t be an easy way.
This analysis fails if NEO falls back under the long descending trend line or below the support at 49,10$.
For information:
We calculated a correlation between NEO and ETH at nearly 50%; with BTC only 25% (on daily closes). So a closer look at ETH will show us the possible way.
ADX and RSI are showing negative signs - the possible upway isn´t safe at this moment. It´ll depend on the sentiment in the whole market.
This could have marked a new upways trend and on 4h-basis we can draw an ascending trend channel.
Also it has crossed the falling trend in RSI; not much yet and it is to expect that the price falls some cents further.
In the short run some deeper prices could be seen - but in the long run I expect higher prices (see green arrow). The aim should be the fib retracement at 23.6% (72,50$).
Surely, on the way to this level NEO has to take some resistances (swing trend lines) - it won´t be an easy way.
This analysis fails if NEO falls back under the long descending trend line or below the support at 49,10$.
For information:
We calculated a correlation between NEO and ETH at nearly 50%; with BTC only 25% (on daily closes). So a closer look at ETH will show us the possible way.
ADX and RSI are showing negative signs - the possible upway isn´t safe at this moment. It´ll depend on the sentiment in the whole market.
Trade closed: stop reached:
NEO below the support at 49$. The negative trend continues.