jpbrown1023

NEO - Cup and Handle... or will it wait for BTC?

BITFINEX:NEOBTC   NEO / Bitcoin
Looking at the 4-hour chart for NEO, we can see that the price found support just below the 61.8% Fib retracement level before exploding out of its falling wedge pattern. It is currently finding resistance at the .008sat level and on the RSI/MACD indicators. It has formed a nice cup and handle pattern. It is important to remember that Bitcoin is hitting a critical point on the charts. In addition, the low volatility in the market is usually indicative of a quick buy or selloff in the near future and given the bearish sentiment of the market, I'm leaning toward a selloff. A sharp drop in Bitcoin would probably result in a drop of NEO as well. As I indicated on the chart in pink, NEO has strong support around .0067sat. Keep an eye on on that pattern. It could result in another big breakout.
Penafian

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