Neo has some bullish rumors that began its recent uptrend. rumors that NEO is working with the Chinese Gov as a possible contender for a national crypto, as well as the news that china is likely to resume crypto exchanges and trading under new regulations, similar to that of japan.
Since the news, NEO has entered the upward channel shown. The current pennant presents a buying opportunity as price is consolidating before a potential breakout. Long position with stops included. watch for a change to a bearish trend
Since the news, NEO has entered the upward channel shown. The current pennant presents a buying opportunity as price is consolidating before a potential breakout. Long position with stops included. watch for a change to a bearish trend
Comment:
channel trend broken, support at the 0.382 level. turbulent times given the pre fork btc hype. maintain stop at 27, upside to 0.786 seems unlikely. if a bullish run were to take place, the 0.618 level is more likely, unless some concrete news is driving the price to the moon. entering close to support levels, with a stop loss order covering a 2-4% loss is a good way to play a potentially large upside. stay tuned during the week