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Crypto Technicals: Bearish bias builds for NEO/USD as pair breaks below 200-DMA

Fri, 09 Aug 2019, 08:16 am UTC

NEO/USD chart - Trading View

Exchange - Bitfinex

Support: 10.20 (trendline); Resistance: 11.19 (200-DMA)

Technical Analysis: Bias Bearish

NEO/USD has shown a breach below 200-DMA, opens up scope for further weakness.

Technical indicators support weakness. Stochs and RSI are sharply lower.

MACD is on verge of bearish crossover on signal line and -ve DMI dominance adds to the bearish bias.

GMMA indicator shows shift in major trend and Stochastics RSI is showing a rollover from overbought levels.

Price action is below major moving averages and recovery attempt has failed at 21-EMA resistance.

Next major support lies at 10.20 (trendline) ahead of 9.73 (July 17th low).

200-DMA has now turned resistance at 11.19. Breakout above 21-EMA (11.90) negates near-term bearishness.

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