NEO: what support will it sink to?
Hi fellow enthousiasts,
It is clear the old channel that was valid for about 6 weeks is complete history and NEO is not immune to the overall downtrend.
At this moment the current support is being tested for a second time, and best case scenario in these market I feel is that NEO would stay inside the bleu channel. Even then chances are it will be forming a flag meaning it is just delaying a further fall down.
It is probably more likely the support will be broken now or on the next test, in that case I think the next support(s) will be tested rather soon.
Hard to say what the bottom could be, but looking at the past and some other coins it seems old trendlines are very often strong support. In this case that would mean around 55.
Especially since another support zone aligns perfectly with that trendline.
If you don't agree please let me know why, thanks and good luck all.
CJ
It is clear the old channel that was valid for about 6 weeks is complete history and NEO is not immune to the overall downtrend.
At this moment the current support is being tested for a second time, and best case scenario in these market I feel is that NEO would stay inside the bleu channel. Even then chances are it will be forming a flag meaning it is just delaying a further fall down.
It is probably more likely the support will be broken now or on the next test, in that case I think the next support(s) will be tested rather soon.
Hard to say what the bottom could be, but looking at the past and some other coins it seems old trendlines are very often strong support. In this case that would mean around 55.
Especially since another support zone aligns perfectly with that trendline.
If you don't agree please let me know why, thanks and good luck all.
CJ
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