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NEO Technical Analysis – Support Levels in Play – 15/08/19

By:
Bob Mason
Published: Aug 15, 2019, 02:45 GMT+00:00

NEO finds early support but could come under pressure later in the day. A move through to $9.70 levels is key in the early part of the day.

Bitcoin, Ethereum, Litecoin Digital cryptocurrencys on a notebook

Key Highlights

  • NEO tumbled by 10.28% on Wednesday. Following on from a 1.78% fall on Tuesday, NEO ended the day at $9.43.
  • A late morning intraday high $10.53 saw NEO fall short of the first major resistance level at $10.75 before hitting reverse.
  • A late afternoon intraday low $9.15 saw NEO fall through the major support levels of the day.
  • The extended bearish trend formed at the end of April 2018’s swing hi $94.65 remained firmly intact. NEO continued 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 tumbled by 10.28% on Wednesday. Following on from a 1.78% fall on Tuesday, NEO ended the day at $9.15.

A mixed start to the day saw NEO recover from a dip to an early morning intraday high $10.53 before hitting reverse.

NEO fell short of the first major resistance level at $10.75 before a broad-based crypto sell-off kicked in.

The sell-off saw NEO slide to a late afternoon intraday low $9.15. NEO fell through the day’s major support levels before finding support late in the day.

Steering clear of sub-$9.00 levels, NEO managed to close out the day within range of the third major support level at $9.47.

The extended bearish trend, formed at April 2018’s swing hi $94.65 remained firmly intact. NEO continued 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 was up by 0.78% to $9.51. A mixed start to the day saw NEO rise to a morning high $9.69 before falling back to a morning low $9.45.

NEO left the major support and resistance levels untested early on.

NEO/USD 15/08/19 Daily Chart

For the day ahead

A move through the morning high $9.69 to $9.70 would support a run at $10.00 levels. NEO would need the support of the broader market, however, to break out from the morning high.

Barring a broad-based crypto rebound on the day, NEO will likely fall well short of the first major resistance level at $10.26.

Failure to move back through the morning high could lead to another day in the red for NEO.

A slide back through the morning low $9.45 could lead to a return to sub-$9.20 levels before any recovery.

Barring another crypto meltdown, however, NEO should steer well clear of the first major support level at $8.88 on the day.

Looking at the Technical Indicators

Major Support Level: $8.88

Major Resistance Level: $10.26

23.6% FIB Retracement Level: $27

38.2% FIB Retracement Level: $40

62% FIB Retracement Level: $61

Please let us know what you think in the comments below

Thanks, Bob

About the Author

Bob Masonauthor

With over 28 years of experience in the financial industry, Bob has worked with various global rating agencies and multinational banks. Currently he is covering currencies, commodities, alternative asset classes and global equities, focusing mostly on European and Asian markets.

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