If the support here cannot be held then we could be expanding wave 2 down towards the long term support line. Therefore I would place my stop at $113 (11.72%).
Confidence Rating: 7/10
Previously, I thought we were in subwave ii of the broader wave 1 but in light of recent price action my wave count has changed as shown below. I have instead plotted wave 5 of wave (1) finishing at 20/02 as it seems like the momentum from the bullish pressure eased off here. After this we then rallied once more however I think this is due to the fact that the whole crypto market surged at this point as, since the bounce, NEO has shown weakness.
This leads me to believe we are in an expanded flat correction and I have labelled the 0.5 retracement as a key reversal area. Until I see a reversal, I will not be placing a trade. I'd like to give the market time to give us a better idea of where it's heading. Let's see how this pans out!