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NEO is bullish in the short-term, although technical indicators are starting to turn lower
Bullish divergence is currently seen on the four-hour time frame which supports a recovery higher
NEO / USD pair has recently performed a major upside technical upside breakout on the daily time frame
NEO / USD Short-term price analysis
NEO is bullish in the short-term after staging an impressive upside rally alongside the broader cryptocurrency market, although bearish pressure is building in the near-term with technical indicators and price starting to turn lower.
A bearish head and shoulders pattern is still evident on the four-hour time frame, alongside a bullish inverted head and shoulders. Short-term bulls and bears are likely to be locked in an intense battle for control of this pair until the next major upside or downside break occurs.
Traders should also be aware that bullish price divergence is evident on the four-hour time frame, which may eventually cause the pair to move higher.
Pattern Watch
Traders should carefully watch the bullish inverted head and shoulders and bearish head and shoulders pattern on the four-hour time frame, particularly for confirmed neckline breakouts.
NEO / USD H4 Chart (Source: TradingView)
Key Moving Averages
The NEO / USD pair is trading above all major moving averages on the four-hour time frame, with the 200-period moving average the strongest form of near-term support.
Relative Strength Index
The RSI indicator is currently turning sharply lower on the four-hour time frame; traders should watch for selling to accelerate if price moves below the 50.00 reading.
NEO / USD Medium-term price analysis
NEO is bearish in the medium-term, although a major technical breakout has just occurred on the daily time frame. NEO / USD bulls have recently broken above the descending triangle pattern after spending months trapped inside it.
Traders should carefully watch daily price closes over the coming days as NEO may be getting ready to launch higher over the medium-term if the breakout is confirmed.
NEO / USD Daily Chart (Source: TradingView)
Patterm Watch
A bullish inverted head and shoulders pattern is evident inside the actual triangle pattern, with price currently trading above the neckline of the pattern.
MACD INDICATOR
The MACD indicator on the daily time frame is turning bullish; traders should watch for signs of strong dip-buying over the coming day.
Relative Strength Index
The RSI indicator is starting to turn lower on the daily time frame after a strong move higher in the NEO / USD pair.
Conclusion
NEO is likely to start to trade lower in the near-term as some technical indicators are starting to roll over.
Traders should attempt to watch near-term developments in the pair closely as a major technical breakout has recently occurred on the daily time frame which could ultimately signal a strong bullish move ahead.
NEO Chart
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