NEO/USD Retesting Breakout After Bounce Off Resistance March 1
Price has broken above the channel and ran into the Cloud resistance
at 140. Natural price action would see a retest of the broken channel
which we are now seeing. The bearish projected Cloud will add resistance
by the upper Cloud. Still, we have a higher high in place and thus the
bias is to the upside, even if it seems like its not ready to make any
significant gains right now. This could result in more sideways action
until the future turns bullish (Cloud twist), Since Neo has had a higher
correlation to Bitcoin and Bitcoin is currently facing strong resistance
which will ofcourse reflect in Neo price action. As long as price trades
the 110 low, bias will be to the upside short term. A break below 110
opens up for more downside with an ultimate support by the Monthly S1
at 81.
at 140. Natural price action would see a retest of the broken channel
which we are now seeing. The bearish projected Cloud will add resistance
by the upper Cloud. Still, we have a higher high in place and thus the
bias is to the upside, even if it seems like its not ready to make any
significant gains right now. This could result in more sideways action
until the future turns bullish (Cloud twist), Since Neo has had a higher
correlation to Bitcoin and Bitcoin is currently facing strong resistance
which will ofcourse reflect in Neo price action. As long as price trades
the 110 low, bias will be to the upside short term. A break below 110
opens up for more downside with an ultimate support by the Monthly S1
at 81.
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