NEO/USD Long-term Trend – Bearish
Distribution territories: $50, $75, $100.
Accumulation territories: $12.50, $10, $7.50.
The serial bearish movements were not over as NEO/USD witnessed another severe depression in its market price worth last week. The accumulation territory of $26 or thereabouts had been the strong price point that the cryptocurrency found hard to break past southwards. Like many other cryptocurrencies, bears were able to push the market price line convincingly past the strong point on August 8. Bulls have not been making any notable re-featuring effort in the market over a couple of weeks.
The market long-term trend has been continually favoring bears more so even in a ranging outlook. Price action has been separately far traded below the trend-line of the 14-day SMA. The 50-day SMA is located above the 14-day SMA. Stochastic Oscillators are still found consolidating their stand within the oversold zone. This still suggests that placing market orders may be suspended for a while.
The current Stochastic Oscillators’ consolidation in the market may still continue in the next few days. On the contrary, the Stochastic Oscillators may soon afterward open up to point north. Whilst that possibly come to play, investors and traders may brace up to launch their trading entries as instructively been guided by the rules of financial management.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.