Neo Rebounds

Neo has retraced further from the upper bound of the KRI at $140 to find support at a Fibonacci fan level at $129, which corresponds with a Fibonacci level. This combination amplifies support and we see that with the long wick of todays candle on the downside, bolstering the rejection of the central moving average of the KRI at $121. Although this is a setback, it is still likely we are in wave 3 of the impulse wave, and we have regained the $120's again, which seems to be a comfortable range for NEO. The Kovach Momentum Indicators have flat lined and are not giving us much to work with, so it may be wise to play the range, a theme throughout the cryptoverse lately. We have strong support from a Fibonacci level and a Fibonacci Fan level at $129, then the central moving average of the KRI at $121, then $115, then from a Fibonacci level at $110, and finally from the psychologically significant $100. We have resistance at the upper bound of a congestion zone at $136, and the upper bound of the KRI at $140. If we can break through to the $140's, there are some significant obstacles, including the upper bound of the KRI at $140, then at $144 from relative highs and a Fibonacci level which corresponds with a Fibonacci Fan level at $155.

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Even Neo, which has had one of its worst bear streaks in history, has found support and has appeared to rebound. This still seems like a corrective phase within the current bull impulse of the Elliott Wave. It tested lows at the lower bound of the KRI at $90 or so, and a green triangle on this indicator again confirms our bullish expectations. The bullish crab cypher pattern we identified earlier does not seem to be providing the momentum we had hoped for but it is still encouraging. We are currently trading around strong support from a nested Fibonacci level which coincides with a Fibonacci Fan level at $92. If this level does not hold, we will retest $80, a psychological level and lower bound of recent support on day candles. Beyond that, we must turn to the $60's for support. From above, we can expect resistance at $95 and $100, the latter being a major level, which will provide significant resistance, as will $102. After that, there is a vacuum zone to $110.
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