Will Morpheus Give NEO the Green or Red Pill? ๐ | NEO ($NEO)
๐ With a major health tracking project and the Neo3 upgrade on the way, the news is decent enough for the "Chinese Ethereum" AKA NEO. Meanwhile, with the general strength in crypto as a whole, NEO has plenty of room to run if it can keep up momentum. With that said, we don't have any clear setup here, so let's simply take a look at some key levels for the bulls, bears, and undecided to watch as price action plays out.
Resistance:
R1 is the range high plus a bearish orderblock and is the first point of resistance to contend with here. The R2 bearish orderblock was formed back from the drop in March and also contains the dead cat bounce failed swing high. Lastly and most importantly, the R3 bearish S/R flip and orderblock cluster is a minor price pivot point that will almost certainly see a reaction if and when price gets there.
Support:
To the downside we have S1 support which is a major price pivot point consisting of various order blocks and S/R flips throughout the chart. Meanwhile, we have the S2 bullish orderblock as a backup support if S1 doesn't hold. While there are multiple other orderblocks and S/R flips lower from S1 we feel that the price is likely to loss its uptrend and such we don't wanna call any knife catching levels as we only trade trend continuation.
Outlook:
A logical path for price is what we have marked as bullish continuation, where we move up along the upper trend line reacting to key levels along the way. Note here that we feel the trend line is valid as price frequently reacts to it, despite price breaching above it once. Lastly, while a bullish move is likely, we have just seen the previous range high run (wicked above and quickly retraced below), this could be a long liquidity hunt so downside is certainly not impossible here.
Summary:
While a long play here makes sense, we will err on the safe side and continue to watch these levels for a clearer setup as the larger overall crypto market may have a heavy handed impact on NEO at this point.
Resource: neonewstoday.com/development/road-to-neo3-exception-handling-in-neo-smart-contracts/ + newsbtc.com/press-releases/neo-and-fleta-team-up-to-launch-clinical-trial-data-registry-platform/ + cryptoslate.com/21-committee-members-to-control-neos-governance-in-version-3/
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Resistance:
R1 is the range high plus a bearish orderblock and is the first point of resistance to contend with here. The R2 bearish orderblock was formed back from the drop in March and also contains the dead cat bounce failed swing high. Lastly and most importantly, the R3 bearish S/R flip and orderblock cluster is a minor price pivot point that will almost certainly see a reaction if and when price gets there.
Support:
To the downside we have S1 support which is a major price pivot point consisting of various order blocks and S/R flips throughout the chart. Meanwhile, we have the S2 bullish orderblock as a backup support if S1 doesn't hold. While there are multiple other orderblocks and S/R flips lower from S1 we feel that the price is likely to loss its uptrend and such we don't wanna call any knife catching levels as we only trade trend continuation.
Outlook:
A logical path for price is what we have marked as bullish continuation, where we move up along the upper trend line reacting to key levels along the way. Note here that we feel the trend line is valid as price frequently reacts to it, despite price breaching above it once. Lastly, while a bullish move is likely, we have just seen the previous range high run (wicked above and quickly retraced below), this could be a long liquidity hunt so downside is certainly not impossible here.
Summary:
While a long play here makes sense, we will err on the safe side and continue to watch these levels for a clearer setup as the larger overall crypto market may have a heavy handed impact on NEO at this point.
Resource: neonewstoday.com/development/road-to-neo3-exception-handling-in-neo-smart-contracts/ + newsbtc.com/press-releases/neo-and-fleta-team-up-to-launch-clinical-trial-data-registry-platform/ + cryptoslate.com/21-committee-members-to-control-neos-governance-in-version-3/
โจ Drop a comment asking for an update, we do NEW setups every day! โจ
Like, Comment & Follow to help the community grow ๐๐
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