NEO vs Bitcoin Getting Ready

NEO has found the support at btc 0.007 area. The support is confirmed by 61.8% Fibonacci retracement and throughout the past three months it has been rejected several times. Yet, up until now price struggling to go any lower, which could be the sign that NEO/BTC is getting ready to start moving upwards.

The first strong resistance is seen at 61.8% Fibs, that is btc 0.011 and could be reached in a relatively short period of time. Second resistance is at btc 0.015, that is 427.2% Fibs applied to the corrective wave down after rejection of the upper trendline of the descending channel.

On a downside, daily break and close below btc 0.006 would invalidate bullish outlook and could send price down to the upper trendline of the descending channel, or even much lower.

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