Taking a look at the NEO market versus Bitcoin, most new holders of NEO have had a rough 2018, with the market losing a more than 80% of its value against BTC. While still a very high risk proposition, some would argue that now is a good time to buy into NEO, lets take a look at the 1Day candle chart for NEOBTC.
There is a nice divergence forming between the momentum and the price, something that higher risk traders look out for to help them possibly predict the future market events. We can see that both MA’s are still acting as resistance, a bearish signal for the market.
Safest entries into the market will be after a buy signal from MA’s crossing, as well as price action confirmed by various momentum indicators.
What to look out for.
Resistance: Short to medium term – 0.0028 btc – 0.0032 btc
Support: Short to medium term – 0.0025 btc – 0.0022 btc
Consolidation above the resistance zone should lead to further gains agains BTC, while a failure of the support zone will bring more blood and even lower prices to the markets. Safe trades.