The analysis of the NEOBTC trend line starts with the 3-Day view of the NEO chart. Next, we examine the 1D chart of the price trends to get a shorter-term view. Finally, we analyze the 4H chart to get an even shorter-term view.
Starting with the 3-Day of the NEO trend chart, the bull market of the last 2 months turned down, as the price fell below the 20-Day exponential moving average. The Relative Strength Indicator is above 50, but turning down indicates the end of the bullish trend. The MACD has a bearish crossover, a sign the price trend has reversed, and we have entered a bear market.
The analysis of the 3-Day trends of the chart shows we remain in a bear market with key resistance at the 20-Day exponential moving average. I expect, support at the 50-Day exponential moving average will be tested soon.
1D
The daily price chart shows the fall below the 20-Day and 50-Day support lines. The EMA's are close to making a death cross indicating bear markets, also average volume has been declining.
RSI is below 50 indicating the downtrend. The MACD turned down at 9-day moving average, a sell sign.
The daily chart of the NEO's price is telling us the price is encountering resistance and could be turning down. The indicators are telling us the current high levels could be at risk of a down turn and caution is warranted.
4H
The four-hour NEO's price trend chart shows more closely the transition from a bull to a bear stock market. So far, the descending trend is the primary resistance level for this view of the bear market.
Earlier these days the price fell through support at the 0.013 level down to the 0.011 area. NEO price is facing combined resistance from 20-Hour EMA, 50-Hour EMA and 100-Hour EMA. As can be seen from the chart,100 Hour moving average had acted as resistance line in last 10 days.
RSI is below 50, indicating the downtrend. The MACD continues fall down indicating the 4H view is still strong.
Personally, I will wait for positive signs from the RSI, MACD and EMA to find a suitable entry point. I expect to see the price 0.007 or lower to open a long position.
https://www.tradingview.com/chart/NEOBTC/KqTojXnI-NEO-DOWNTREND-WARNING/
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