NEOUSD - Bearish Outlook Over The Short Term
NEOUSD appears to be showing a steady downtrend in price movement. The current chart shows a 4hr time frame with price action held within the downward channel. Over the course of this chart the price tends to approach the Fibonacci levels, hover momentarily with poor volume trading (due to current FUD), before dropping to the next Fibonacci level. Currently the price has broken the 0.236 level and thus seems to be heading for the full retracement from the previous all time high (approximately $200). Hence, my next target buy level would be at the full retracement - approximately $45. If we see an increase in volume at this price we can expect a strong reversal, of course dependent on the volume. Great outlook for 2018 with NEO, with many impressive ICO's on the way, if we see a reversal of this bearish cycle we may see strong gains.Not buying/selling advice, just my thoughts, but hey, this is crypto, anything is possible!
Happy for feedback, let me know your thoughts :)
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