NEO Technical Analysis Jul 16, 2018: time to buy for long term
We predict that the NEO price will soon rocket the level of $35.64
In chart D1, the NEO price has entered a long-term 5th Elliott Declining Wave. Having examined this wave, we can easily find out about the formation of the Ending Diagonal Triangle Elliott Wave, and the cryptocurrency price needs to accomplish the pattern in order to finish the above-mentioned Elliott Decreasing Wave. We can take a look at shorter time frame in order to find out about the upcoming NEO price direction as well as the stopping point of the current 5th Elliott Declining Wave.
According to chart H1, the ZigZag Elliott Wave pattern has been established within the NEO price chart. Since the pattern has been fully formed, and the 5th Elliott Decreasing Wave has already been constructed, we can anticipate that a surge and upward breakout of the upper trend line (also the Fibonacci Retracement level of 23.6%) is likely to occur with the cryptocurrency price. We predict that the NEO price will soon rocket the confluence level of $35.64 (the intersection between resistance lines and the Fibonacci retracement level of 38.2%).
Written by @daigv from nami.today
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