#Elliottwave #NEO #NEOUSD #Crypto #Analysis

Daily Chart, 20 December 2022,
NEO / U.S.dollar(NEOUSD)
NEOUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Diagonal
Position: Wave 5
Direction Next higher Degrees: Sub-wave of Wave C
Details: The diagonal decline of wave 5 should not exceed the length of wave 3.
Wave Cancel invalid Level:

NEO / U.S.dollar(NEOUSD) Trading Strategy: NEO is still under selling pressure as it remains below the MA200 and MA50, but as the price is in the late series of Elliottwave Diagonal declines as well as the bullish divergence from the wave oscillator, the price is likely to reverse. But even so, the selling pressure remains. Trading should be done with caution during this time.

NEO / U.S.dollar(NEOUSD)Technical Indicators: The price is below the MA200 MA50, indicating a downtrend. The wave oscillators above Zero-Line momentum are bearish