• The bulls remained in control of the long-term outlook.
• Traders may consider buying with bullish candle reversal pattern as confirmation
NEO/USD Long-term Trend: Bullish
Supply zone: $25.00, $30.00, $35.00
Demand zone: $2.00, $1.00, $0.50
NEO continues in the bullish trend in its long-term outlook. The bullish trend continues as predicted in last week long-term article. The $20.00 target in the supply area was successfully retested on 26th June.
The cryptocurrency rose to $20.00 before the momentum loss that made the bears returned as indicated by the daily candle which closed as a bearish spinning top good reversal signal.
The market correction was necessary as the bears pushed the coin to $15.96 in the demand area on 27th June which is the 38.2 fib area a trend continuation zone. Hence the return by the bulls as and push price back up to $18.76 in the supply area. The week ended on a bullish note.
The signal of the stochastic oscillator points down at 65% suggesting a downward momentum. The 38.2 fibs at $15.96 in the demand area may be the bears’ target before the upward continuation.
$24.00 in the supply area is a key supply area for a retest in the days ahead.
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