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Neo Consolidates
After the retracement predicted in this newsletter, Neo appears to have solidified its footing in the $100 handle, at the time of this writing, sitting at about $100 exactly. We appear to be consolidating and will likely form a dragon head pattern, all too familiar in cryptocurrencies. We are still testing the upper bound of the KRI, which should provide resistance at $101. Next, we have the Fibonacci Fan level at $108, and from below, a Fibonacci Fan level at $92. There is a worrisome vacuum zone from below however, with the next level of support being at $80 or so, a psychological and technical level, roughly coinciding with previous highs.
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