NEO is still within the descending wedge (we've been tracking this closely for days now through the Alerts Group). Last chance for the bulls to reverse this here by breaking out ASAP and forming the blue Inverted H&S to confirm a bull reversal to the trend.
If the bull scenario does fail to materialize, expect a wash down back to support at 0.003-0.0025 area
Still waiting for a clear direction.
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Addendum:
The main chart is missing the neckline used as a stop loss.
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Following the ICO ban by the Chinese Government, NEO finally gave in and broke down with most of the Altcoins, Tokens, Ethereum, QTUM and EOS:
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Apologies for not updating this chart. Based on the latest news that NEO council members will have 30% of NEO available for spending (selling or holding), were giving a higher probability to the bearish H&S to play out:
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I was informed that the 30% NEO available to the council could not be sent and sold on the exchanges per the white paper. So please disregard my claim earlier that the bear scenario has higher probability.
I believe bulls got this and we will revisit 0.01
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nevermind, stoploss reached after the bottom bull neckline broke. Bearish H&S in play. Seems lots of fear of Bitcoin Bear Market at the moment pushing lots of traders to take profit asap on tokens, and alts.
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Neo what will it be?
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Bearish H&S played out beautifully, we took profit at 0.007 rebought at support at 0.0048