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Crypto Technicals: NEO/USD consolidates break below 200-DMA, further weakness on charts

Wed, 14 Aug 2019, 09:30 am UTC

NEO/USD chart - Trading View

Exchange - Bitfinex

Support: 9.73 (July 17 low); Resistance: 11.26 (200-DMA)

Technical Analysis: Bias Bearish

NEO/USD is consolidating break below 200-DMA, scope for further weakness.

The pair is extending weakness for the 3rd straight session, trades 2.65% lower at 10.23 at 09:00 GMT.

Technical indicators support further downside. Stochs and RSI are sharply lower and RSI is well below 50 mark.

MACD, parabolic SAR and GMMA indicator suggest continuation of downtrend.

Volatility is rising on the intraday charts and recovery attempt has failed at 200-DMA resistance.

The pair is testing major trendline support at 10.23. Break below will see dip till 9.73 (July 17th low) ahead of 78.6% Fib at 8.75.

200-DMA is now strong resistance at 11.26. Breakout above will negate near-term bearishness.

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