Neo Technical Analysis (NEO/USD): NEO going through the last Struggle Before imminent Freedom.
Hi friends welcome to this first time TA update on NEO/USD.
Looking at the 4 hour chart we can see that NEO chart is in much better condition than most of the cryptocurrency charts at present, it already has a bullish EMA Crossover on 4 hour chart as EMA50 (orange) has crossed above EMA200 (blue) which is a fairly bullish signal in itself, BTC and many more charts are still days away from experiencing this crossover.
Looking at downside we can see that NEO had experienced a recent fall which checked its rally upward but that was expected at the last significant resistance present in its upward direction and that is top of the overall downtrend channel drawn in black. However you can see that it looks to be the last barrier in upward motion and next stops that I have highlighted are present at around levels of $140.00 and $165.00.
Looking at the downside possibilities we can see that NEO has some strong supports in both the EMA to check any heavy fall while the upside looks much less resistive for any movement. So the recent fall looks like only a hold before NEO moves upward again breaching the top of black channel and then going for our targets mentioned in red lines.
I suggest waiting for a breakout above this channel and then an entry can be made for the mentioned targets, MACD however had experienced a bearish cross in recent fall but I think that can improve with a short upward rally till 140, making $160 more in reach of NEO.
That will all for now, I will keep you people posted for any interesting developments in the chart.
Till then Good Bye and Best of luck to you Guys and Thanks for Reading my blog.