NEO has had an amazing run against the dollar before we saw sellers stepping in at the $70 – $80 zone to take some profits, the market is currently correcting alongside Bitcoin.
Lets take a birds eye view of the NEOBTC market before we look at the dollar chart.
As you can see we are still in a bearish trend vs BTC, but the prices are testing the trendline and the RSI is above 60 which is quite bullish longer term speaking.
At this point there is a strong possibility that we test the 002 level again before we see gains against Bitcoin.
Lets take a look at the short term view against the dollar.
The NEO prices dropped quite fast before finding support around $60, $30 was the start of this trend so we are still very bullish.
The RSI and the Ichimoku cloud both indicate that we are seeing more sellers than buyers on the market and the pressure is on the bulls to keep it above $60.
Support is $50 – $60, short term speaking. And in a dumping scenario prices could dip as low as $48 again, in which case I would expect it to get pushed back above $50 from buyers stepping in.
NEO is looking very good as a long term investment, GAS earned from holding NEO has reached close to $40 this week, a great incentive to hodl the NEO.
Please feel free to discuss this trade idea with me in Slack. Safe trades.