NEO trend remains very bearish, and price continues printing lower lows, while rejecting the downtrend trendline. Currently NEO trading at BTC 0.0033, which is a 88.6% Fibonacci retracement level.
At this point the support is holding and either rejection or a break below this level should provide clues about NEO/BTC further price development. For rejection, it is important to watch the weekly closing price rather than the Daily, since this is long term view on the trend.
Rejection of the current support should result in a corrective move up, potentially towards the key resistance at BTC 0.007 area. And only break above that resistance could be a long waited confirmation of the uptrend.
But if the current support is broken, the downtrend is likely to continue towards the next support at 0.00185 level, where NEO established the low back in December 2017.
At this point the support is holding and either rejection or a break below this level should provide clues about NEO/BTC further price development. For rejection, it is important to watch the weekly closing price rather than the Daily, since this is long term view on the trend.
Rejection of the current support should result in a corrective move up, potentially towards the key resistance at BTC 0.007 area. And only break above that resistance could be a long waited confirmation of the uptrend.
But if the current support is broken, the downtrend is likely to continue towards the next support at 0.00185 level, where NEO established the low back in December 2017.