NEOUSD

PAIR:NEOUSD

A retest of the previous low. After reaching a high of 200usd on the 14th of January 2018, NEO has moved down to test of 44usd on the 5th of April 2018( which is currently a strong support level). The following will be used technical analysis tools will be used to check if the bearish trend will pesist or the bullish trend will emerge:

TOOLS ARE:

- Support and Resistance levels with falling wedges

- Exponential Moving Average

- William aligator

THE SUPPORT and RESISTANCE LEVELS with FALLING WEDGES:
       On the Daily time frame,a return to the support level(the blue line,this was an initial resistance level which price broke out from to make a new high) at (44usd)which the first falling wedge touched and reversed back up to 99usd.
More consolidation towards this current price, but will eventually move down to hold at the next support level. Also currently within the second falling wedge and yet to be completed just like the first one.
The breakout range to watch out for is 57usd, if the price completes its falling wedge fomation.AS SHOWN BELOW:

EXPONENTIAL MOVING AVERAGE:
 On the daily, the 50/200EMA first bearish DEATH crossing in 2018, which actually tried to cross in April 2018 but was rejected. The major bear market push it harder and finally crossed.
The volume which is also decreasing steadily as the bear market continues. With this DEATH CROSS that has just happened, price will likely push lower to the next support level (44usd) AS SHOW BELOW:

THE WILLIAM ALIGATOR:
Still on the daily time frame, the 3 EMAs are streched apart and are moving lower, this is called ALLIGATOR IS EATING WITH WIDE MOUTH OPEN.This signals that price is not currently giving any sign of crossing upward,hence downward movement is it is.

NEOUSD technicals are currently bearish, with a target at 44usd( which is the next strong support) as the current bear market continues.

Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

$COV HODL