Is NEO about to break out?
NEO is moving in a downtrend and reached a critical point at which it might break out. The price already tested the support at 18 USD and is about to reach out for the trend line resistance.
Scenario A
When the price breaks through the trend line resistance, check for a possible retest. If the trend line is confirmed as support, the price should move up towards the 38.2% fibonacci retracement. But keep in mind, on its way up it still needs to pass the indicated resistance channel.
Scenario B
The price could get rejected by the trend line and retests the support at 18 USD. If this happens, check for a possible rebounce. Scenario A repeats in this case. If the support won't hold, the price could test the support at around 13.5 USD or even reaches out for the 10 USD support, which would be the worst case and is very unlikely to happen in my opinion.
Happy trading!
Scenario A
When the price breaks through the trend line resistance, check for a possible retest. If the trend line is confirmed as support, the price should move up towards the 38.2% fibonacci retracement. But keep in mind, on its way up it still needs to pass the indicated resistance channel.
Scenario B
The price could get rejected by the trend line and retests the support at 18 USD. If this happens, check for a possible rebounce. Scenario A repeats in this case. If the support won't hold, the price could test the support at around 13.5 USD or even reaches out for the 10 USD support, which would be the worst case and is very unlikely to happen in my opinion.
Happy trading!
כתב ויתור
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