This is the 9th
bear candle in a row for Neo. We can't even seem to get a single green candle as a relief rally. The good news is that Neo seems to be forming a bull crab cypher pattern
. If momentum reignites, we can expect a breakout to $130's or so. Today's candle seems to be forming a doji
, which suggests some ambivalence at lower prices. The Kovach Momentum Indicators have dropped to reflect the weakness, but the OBV is somewhat bullish
, which is encouraging. Neo was not immune to the news yesterday, and it fell to support at $95 and $92. These are exactly the levels explicitly identified here for quite some time. Currently, we are hanging on for dear life at $100, which seems to be a very significant level. Beyond that $95 and $92 should be expected to continue to provide support. Resistance will be met again at $102. After that, the first major level from above is $110, which is an important psychological and technical level. It corresponds to a Fibonacci level and a Fibonacci Fan level. Next, we have $115, $118, $124, $126, $131, $134, and $138. If we are able to make it this far, we can think about levels in the $140's.
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