NEO/USD Long-term Trend – Bearish
Distribution territories: $80.00, $90.00, $100.00.
Accumulation territories: $25.00, $20.00, $15.00.
NEO/USD was one of the digital currencies that made an increase in its market value on a light note. The cryptocurrency was initially ranging between July 13 and 15, but it rose averagely northward between July 16 and 17. Immediately the pair strived to touch the 50-day SMA from below for the first time on July 18, it resumed retracing southward slowly and steadily. The bulls again appear as been gradually overwhelmed by the bears’ market weight.
The only fact is that the bears’ action has not been able to drive the market price line past the last lower low that was experienced on July 12. Currently, the 14-day SMA is slightly bent south below the 50-day SMA with a little space between. The Stochastic Oscillators have crossed a bit far below range 80 to point south. This implies that the bearish market is not yet over.
Nevertheless, following or taking short entries can be endearing but can sooner than later lead to bears’ trap. The current market price line may still need to be driven downwards a bit to create better foundations for the bulls to play back into the market. Therefore, Traders can be on the lookout for opening long entries with considerable financial management guides.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.