After my last report the NEO market failed to hold its support levels against Bitcoin and the prices experienced a decent drop, putting us in the price zone we saw at the start of the year. Many higher risk traders will be looking at the market realising we found strong support at around 0.0038 btc – 0.004 btc.
It is important to notice that the market is still in a bearish down trend versus Bitcoin and gains on vs FIAT currencies will be capped until we find a reversal here. I am expecting a bit of a bounce here, whether it will turn out to be a dead cat bounce, only time will tell.
Resistance is currently solid above 0.005 btc, and most safe trades should be off the table for now. A safer entry into the market would be when we get a consolidation above above the 20 MA on the 1 Day candle chart.
There has been a ton of development on the NEO blockchain as well as plenty of fundamental developments around the project. It will be interesting to see what happens on the market in the next month as the open interest is certainly building. Safe trades.