Quick update on the NEO market versus Bitcoin, going into the weekend. As mentioned in the previous report, 0.066 btc ended up acting as resistance and prices dropped sharply after the support zone failed at 0.06 btc.
We can see some good price action brought on by the bulls from 0.005 btc, price is currently pushing above the 20 MA, a nice buying signal from the 4 hr candle charts. Stochtastic indicator is confirming the bullish momentum for me on the shorter term at least.
Should we consolidate above the 20 MA going into the weekend, there could be a nice push to our previous failed support zone. Should we get this push I would expect the sellers to step in and the bulls will have to work hard to get prices above 0.006 btc.
With all that said, nice volatility and good trading volume in the Neo markets, be patient and see if our new support level at 0.0052 btc will hold. Most trades now should still be considered higher risk. Safe trades.