NEO vs Bitcoin Trending Up

NEO has found the bottom at btc 0.0046 level, that has been tested on the 29th of June. Then price went up sharply and broke above the 50 Moving Average, while reaching the btc 0.0065 high.

On the current corrective wave down, price has found the support at the 50 Moving Average, 3/1 Gann Fan trendline as well as the 50% Fibonacci retracement level at btc 0.0055. This could be the starting point of the uptrend continuation and if support holds, price could go up to 61.8% Fibs at btc 0.0080, which corresponds to the Gann Fan trendline and the extended descending channel.

At the same time, if the current support is broken, corrective move down could be extended prior to the uptrend continuation, where NEO/BTC will move down to btc 0.0053 support level, that is 61.8% Fibs. The unlikely scenario is where NEO will break below the btc 0.0046 level, in this case the downtrend might continue.

 

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