NEO Technical Analysis – Support Levels in Play – 08/01/19

It’s back in the red for NEO, with negative sentiment across the broader market weighing early on. $8.80 will be the bulls early afternoon target.
Bob Mason
Ripple, Dash coin, Bitcoin, Monero and Ethereum

Key Highlights

  • NEO fell by 2.65% on Monday, partially reversing last week’s 6.5% gain, to end the day at $8.63.
  • A start of a day intraday high $9.19 came up short of the first major resistance level at $9.37 before hitting reverse.
  • The reversal saw NEO fall to an early afternoon intraday low $8.56, holding well above the first major support level at $8.04.
  • The extended bearish trend formed at the end of April’s swing hi $94.65 remained intact, with NEO continuing to fall well short of the 23.6% FIB Retracement Level of $27, following 7th December’s new swing lo $5.46.

How to Buy NEO

NEO Price Support

NEO slid by 2.65% on Monday, partially reversing a 10.63% rally on Sunday that gave NEO a 6.5% gain for the week, to end the day at $8.63.

A bullish start to the day saw NEO rally to an intraday high $9.19 before succumbing to pressure from the broader market, the start of the day high coming up short of the day’s first major resistance level at $9.37.

A late morning sell-off saw NEO slide to a morning low $8.63 before pulling back to an early afternoon intraday low $8.56, the day’s low holding well above the first major support level at $8.04. Attempts at a break back through to $9.00 levels came up short through the 2nd half of the day, $8.80 as good as it got for the crypto bulls.

In spite of last week’s gains, the extended bearish trend remained intact, with NEO continuing to fall well short of the 23.6% FIB of $27, following 7th December’s swing lo $5.46.

At the time of writing, NEO down 1.33% to $8.52, with a bearish morning seeing NEO fall from a start of a day morning high $8.78 to a morning low $8.46 before steadying, the day’s major support and resistance levels left untested early on in the day.

For the day ahead, a move back through the morning high $8.78 to $8.80 levels would bring the first major resistance level at $9.03 into play before any pullback, a broad based cryptomarket rebound needed to support a run at the second major resistance level at $9.42 later in the day.

Failure to move through to $8.80 levels could see NEO take a bigger hit later in the day, a fall through the morning low $8.46 bringing the day’s first major support level at $8.40 into play, with heaver losses on the cards should sentiment across the broader market fail to improve later in the day.

While sub-$8.00 levels are unlikely to be in play, any calls on support at the second major support level at $8.16 could get investors nervous, raising the possibility of a major reversal to eat into Sunday’s 10.6% rally.

Looking at the Technical Indicators

Major Support Level: $8.40

Major Resistance Level: $9.03

Fib 23.6% Retracement Level: $27

Fib 38% Retracement Level: $40

Fib 62% Retracement Level: $61

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