After a sharp decline NEO has rebounded from the uptrend line, which shows that the bulls are ready to defend this important support. The pullback from the uptrend line witnessed a strong resistance from both the 100-day and 200-day EMA. They are nearly at the same level.
If the bulls scale above the moving averages, NEO may rise towards next resistance zone between $14.50 and $15 level.
However, if NEO/USD turns down from this strong resistance, it will find support from the uptrend line.
If the price plummets below the uptrend line, it will shows a change in trend. As long as the price sustains above the trend line, NEO will keep the bullish view alive.
Since NEO is trading at a resistance level , traders should wait to buy at supports.
If the bulls scale above the moving averages, NEO may rise towards next resistance zone between $14.50 and $15 level.
However, if NEO/USD turns down from this strong resistance, it will find support from the uptrend line.
If the price plummets below the uptrend line, it will shows a change in trend. As long as the price sustains above the trend line, NEO will keep the bullish view alive.
Since NEO is trading at a resistance level , traders should wait to buy at supports.
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