NEO has been on a rocket ship the last couple days gaining close to 15% in a 2 day span. If you take a look at the 15 minute chart below you can see this impulse move to the top of the channel.
Now as you can see we have seen a nice bounce off the top of the channel and it has since come down to test that trendline. Now NEO could break to the upside and continue to move upwards however, I see a significant pull back where we should break the channel to the downside.
Here is a chart where I drew in some lines to signify what I believe NEO is going to do. First of all I see a break of the current trendline and then a downward move that should break the lower support of the channel. I added a parrellel line to show the prior low of the channel which I think the move will head towards but it should not break that mark. Once it breaks through we should continue upwards for more upside as the next impulse move should take us to the top of the current flat we are making.
Now if you can see from this chart the overall view of the chart the next upcoming move should take us to an important decision point in which we will see if we will break out of our longterm downtrend or if we will see another reversal and break to the downside.
As always have a great day and an even better one trading. If you have any questions or comments leave them in the description below.
Keep following me for more updates and check out some of my other posts where I go over other projections of other cryptos.