Hello, Traders!
NEO has been behaving interestingly recently, with the cryptocurrency not fully correlating with the rest of the alt coin market. NEO has made huge strides since March, although has recently seen a large correction. This correction has seen NEO move from $26 USD to $19 USD, a value decrease of 27%.
During NEOs move up since March, the 0.5 Fibonacci retracement has been highly effective at showing whether the move will continue.
In the first two retracement, NEO bounced off the 0.5 Fibonacci level before a further move up. However in the recent retracement down, NEO plummeted straight through the 0.5 Fib. This Fib level drawing was created with the two dark blue X points. Therefore the current bullish trend is at an end.
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This means that NEO has a high likelihood of falling towards the purple line. The purple line is the 0.5 Fib level from the two light blue X markers. In the move down it could possibly see NEO follow the green path. If this occurred, NEO would likely still remain bullish.
Watch out for the market and good luck!
NEO has been behaving interestingly recently, with the cryptocurrency not fully correlating with the rest of the alt coin market. NEO has made huge strides since March, although has recently seen a large correction. This correction has seen NEO move from $26 USD to $19 USD, a value decrease of 27%.
During NEOs move up since March, the 0.5 Fibonacci retracement has been highly effective at showing whether the move will continue.
In the first two retracement, NEO bounced off the 0.5 Fibonacci level before a further move up. However in the recent retracement down, NEO plummeted straight through the 0.5 Fib. This Fib level drawing was created with the two dark blue X points. Therefore the current bullish trend is at an end.
<deleted>
This means that NEO has a high likelihood of falling towards the purple line. The purple line is the 0.5 Fib level from the two light blue X markers. In the move down it could possibly see NEO follow the green path. If this occurred, NEO would likely still remain bullish.
Watch out for the market and good luck!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.