NEO (NEOUSD) Analysis and Forecast (Tue, Oct 2nd, 2018): Around and around

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A break out or continuously stuck in range?

NEO has been retreating from the 23.6% Fibonacci retracement level ($20.10) since its break through the major downtrend line last Thursday. This level seems to be a relatively solid resistance as this cryptocurrency failed to pierce through it to the top for the second time since a heavy collapse from the 38.2% one.

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NEO (NEOUSD) D1 chart on October 2nd, 2018

In a smaller time frame, MACD indicators shows that the two MA lines are getting closer, while the histogram is getting smaller. If the histogram disappears and the faster MA (blue line) crosses above the slower MA (red line), an upward move is supposed to happen. Meanwhile, the price is floating under the pivot point level of $18.91. If NEO can perform a upside break through this level by closing far above this threshold, we can expect on a bullish market in this cryptocurrency.

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NEO (NEOUSD) H4 chart on October 2nd, 2018

However, please note that market is still ranging in the boundaries of S1 ($17.14) and R1 ($20.74). Hence, if you want to enter the market with a long position, remember to set your SL around the S1 area.

Featured image by Hedgeye

Written by nami.today

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