We saw a nice move to the upside over the holidays here but again the 100 EMA average on the daily time-frame proved a step too far! This is a bearish sign and as you can see in the chart if we stay below 8.90 the next points to look towards are around 8.60 and 8.46 if these break then again things look very bearish but for now we seem stuck again in somewhat of choppy movement. The ichimoku cloud on the daily should provide some resistance and it is likely we see the price suppressed for the time being, however once again, the price trend is architectured by the big man himself BTC, so please trade carefully and look out for volatile moves on BTC!
Comment:
The weekend has so far looked good for NEO it looks to be breaking out of the downward longer term triangle however the weekend volume is obviously low in comparison to in the week and we therefore cant read too much into that - plus we have a cloud to overcome on the daily time-frame and the 100 EMA which will probably need more volume to push through, we can also see a potential double top at around 9.21 and bear in mind also that if BTC closes the daily above 7250 then there will be another CME gap formed which will have to be filled, all in all that in theory should drop the price of NEO back under $9 for the time being... let me know what you guys think do we need some more bearish pressure and another drop before we finally push through these resistances?