Neo Very Strong

Neo faced some resistance at $135, pulling back from this level to support at a Fibonacci Fan level at $124, though it has bounced back and appears to be attempting to definitively break $135. We do anticipate momentum to continue as it appears we have already entered or are about to enter the third segment of the impulse of the Elliott Wave. The Kovach OBV is extraordinarily bullish, unfazed by Neo's corrective cycle earlier in February. The Kovach Chande appears to be turning upwards, indicating that now might be a good entry point. We will find support from $117, the central moving average of the KRI, then from a Fibonacci level at $110, and the psychologically significant $100 level if the retracement continues. If we can break current levels from above, the next point of resistance should be a Fibonacci level at $129, then from some congestion around $136.

Interested in the Altcoin Index and the Crypto Spread Indicator? Check them out here!

For daily commentary on cryptocurrencies, subscribe to our newsletter!