Today NEO has approached strong support area, which could be a decision point for the upcoming move. The support is based at btc 0.0055 area, which is confirmed by two Fibonacci retracement levels.
First is 127.2% Fibs applied to the 18.03 - 30.04 corrective wave up. Second Fibs is applied to the corrective wave up after the break of the previous low, formed on the 18.03. The support seems very strong and if rejected, NEO/BTC could starting moving up.
But for this another confirmation would be an advantage, and break and close above the btc 0.006 could be it. On a downside, if NEO breaks below $0.0054 with confidence, further downtrend should be expected.
First is 127.2% Fibs applied to the 18.03 - 30.04 corrective wave up. Second Fibs is applied to the corrective wave up after the break of the previous low, formed on the 18.03. The support seems very strong and if rejected, NEO/BTC could starting moving up.
But for this another confirmation would be an advantage, and break and close above the btc 0.006 could be it. On a downside, if NEO breaks below $0.0054 with confidence, further downtrend should be expected.
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