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NEO price analysis: bearish reversal candle forms

By Nathan Batchelor

17:08, 20 August 2020

NEO price analysis

NEO has rallied to a fresh 2020 trading high this week, with the cryptocurrency breaking past the March 2020 high, and reaching the $17.50 area.

NEO technical analysis shows that a bearish reversal candle on the daily time frame is warning of a possible pullback.

NEO medium-term price trend

NEO has turned bullish over the medium-term, following the recent breakout rally towards the $17.50 area.

NEO price analysis shows that a bearish reversal candle has formed on the daily time frame, and may be signalling a corrective pullback. 

NEO technical analysis

NEO recently performed a breakout above multi-year trendline resistance, around the $13 area last week, cementing the medium-term bulls’ case for the cryptocurrency.

The daily time frame shows that a technical pullback from current levels should find strong support from the $15 or the former breakout zone, around the $13 area.

Medium-term analysis shows that the $20 level remains the wider medium-term bullish target for NEO/USD bulls. 

Gold

2,688.63 Price
-0.730% 1D Chg, %
Long position overnight fee -0.0170%
Short position overnight fee 0.0088%
Overnight fee time 22:00 (UTC)
Spread 0.30

US100

21,093.60 Price
-0.100% 1D Chg, %
Long position overnight fee -0.0248%
Short position overnight fee 0.0026%
Overnight fee time 22:00 (UTC)
Spread 1.8

BTC/USD

76,049.50 Price
+0.050% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Oil - Crude

70.12 Price
-2.500% 1D Chg, %
Long position overnight fee 0.0060%
Short position overnight fee -0.0279%
Overnight fee time 22:00 (UTC)
Spread 0.030

Traders should note that a major bullish reversal pattern will form if the cryptocurrency reaches the $20 level.

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NEO short-term price trend

NEO technical analysis over the short term shows that the cryptocurrency has a bullish bias while the price trades above the $15 level.

The one-hour time frame shows that a bearish head-and-shoulders pattern has formed, following the recent rejection from the $17.50 level.

NEO technical analysis

According to the size of the bearish reversal pattern the NEO/USD pair could fall towards the $13.50 level if neckline support around the $15.50 level is broken.

Short-term traders may turn bearish if the NEO/USD pair fails to make new higher highs, and falls under the $15.50 level.

NEO technical summary

NEO technical analysis shows that a bearish reversal pattern is warning that the NEO/USD pair could fall towards the $14.50 to $13.50 support area.

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