NEO has pushed above two minor trend line resistances and now looks to build on the strength and continue its move higher. The first obstacle on that journey is the 38.2% Fibonacci retracement since the coin has already failed at that level and rotated back lower. In a perfect manner, the coin touched the previous resistance - 23.6% Fibo, before continuing higher and testing 38.2%. In case NEO again fails at that level then we may consider a more significant move lower. On the other side, break of the 38.2% Fibonacci resistance will pave the way for a test of the 50% level which also coincides with the falling trend line - a major resistance area for the pair.
If you are looking to ride the trend, then a move to test the trend line may be on the cards and a good short-term opportunity. For sure, the one has to consider taking the profits once the coin approaches the trend line . On the downside, any move below 0.005100 will prove to be a major blow for the bulls as that is a really strong support - trend line + horizontal support.
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