NEO/USD Technical Analysis: Bears have stranglehold on the market

NEO/USD Daily Chart

• NEO/USD went down from $12.47 to $11.60  this Thursday.
• The daily chart is forming a potential reverse head and shoulders pattern. It looks like the price is going to fall down in the short term to form the second shoulder.
• Bulls need to protect the support at $11 to prevent further downtrend.

NEO/USD 4-hour Chart

• The 4-hour NEO/USD chart is trending below the SMA 50 and SMA 20 curves.
• The SMA 50 has crossed over with the SMA 20 curve which is a bearish sign.
• The Ichimoku indicator shows that the near-future market sentiment is bearish.
• The Elliot Wave Oscillator shows that market sentiment is currently bearish as well.

NEO/USD Hourly Chart

• The last four  sessions were so bearish that it brought the market below the lower curve of the 20-day Bollinger band.
• The widening of the Bollinger band shows increasing market volatility.
• The SMA 200 curve has crossed over with the SMA 50 curve, charting the “death cross” which is a significant bearish sigh.
• The last seven sessions of the moving average convergence divergence (MACD) curve shows that the bearish momentum is increasing steadily.

Key Levels