Cryptocurrencies

NEO technical analysis

NEO seen from the temporality of 1W we can observe how the price has marked us a double floor in the diagonal support of the major figure, indicated in the chart by the diagonal dark blue, this has caused a strong bullish momentum during the closing of the previous candle that we see as it has managed to position itself above the weekly demand located within the price range of 8.715 – 10.336, the current candle has found resistance in the weekly supply located within the price range of 13.012 – 13.904, indicated in the graph by the two horizontal black, the candle so far is marking us a hammer with a long upper bed, signal of the selling pressure in that area, however, remains in good demand position that the bulls should maintain to continue with the bullish momentum in search of our first earnings target located within the price range of 16.844 – 18.378 agreeing with the test on the diagonal resistance of the major figure, within the chart above I have drawn the possible trajectory that the price could follow during the movement.

NEO seen from the 1D temporality we can look more closely at the current movement of candles, the price has tested the support at 10.336 and the candle is being pushed up, however, the candle is still young and we could have a new support test, even a reversal within the range of the weekly demand that we see in the chart above, the structure looks excellent, double floor with bullish inclination, followed by the strong 3 candlestick momentum that we clearly see in the chart.

In conclusion, NEO has made an excellent move and has obtained a good position above 10.336, the odds are very high that it continues to rise, we need to exceed the weekly bid located at 13.012 – 13.904 and then reach our first target profit located at 16.844 – 18.378 where the monthly supply is, if NEO manages to recover that position can go strongly up to our next target profit located within the price range of 27.045 – 30.950 and our third target located within the price range of 39.080 – 41.380, for the moment we need to ensure our best entry into the demand zone, therefore, I recommend following very closely the action of the price in 1D and always remember to place your stop loss to avoid possible invalidations during the move.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

You can follow me on Twitter: https://twitter.com/armijogarcia

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