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Neo Price Analysis: Breakout Below Bullish Chart Pattern!

Conclusion for today’s Neo technical analysis: 

The minimum expectation for the price of Neo is 6.27

Neo price chart used for today’s analysis is the 4 hour timeframe. Over 4 months of price action from December 07, 2018 to covered and previous analysis can be found here. The bullish swing that arose in Neo from a price low of $5.50 on December 15, 2018 is tracked here using the 50 moving average (MA) and the 200 MA.

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The use of a bullish price channel also provides the benefit of putting price action in perspective and also projection that can be used for Neo price prediction.

Neo coin. Neo price analysis. Neo Technical analysis

The last attempt at breaking the channel is shown by the farthest ellipse on the upper boundary of the bullish channel. This occurred between April 03 and April 06, 2019 with new Neo coin reaching a price peak of 14.06 before prices turned downwards.

A break below the bullish channel implies an increase in bearish strength. Also adding to the current bias is the 4hr timeframe candle closing below both moving averages (200 and 50).

The width of the channel (11.48 minus 7.20 = 4.28) is drawn so as to use it estimation of the minimum magnitude of the current bearish strength in Neo. The width of the channel is basically projected onto the breakout point below the channel, which is ~10.55.

Neo coin can therefore be expected to sell off to at least (10.55 minus 4.28 = 6.27) as a minimum expectation.

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