Neo Finds Support

Neo has retraced further from the upper bound of the KRI at $140 to find support at a Fibonacci fan level at $129, which corresponds with a Fibonacci level. This combination amplifies support and we see that with the long wick of todays candle on the downside, bolstering the rejection of the central moving average of the KRI at $121. Although this is a setback, it is still likely we are in wave 3 of the impulse wave, and we have regained the $120's again, which seems to be a comfortable range for NEO. The Kovach Momentum Indicators have flat lined and are not giving us much to work with, so it may be wise to play the range, a theme throughout the cryptoverse lately. We have strong support from a Fibonacci level and a Fibonacci Fan level at $129, then the central moving average of the KRI at $121, then $115, then from a Fibonacci level at $110, and finally from the psychologically significant $100. We have resistance at the upper bound of a congestion zone at $136, and the upper bound of the KRI at $140. If we can break through to the $140's, there are some significant obstacles, including the upper bound of the KRI at $140, then at $144 from relative highs and a Fibonacci level which corresponds with a Fibonacci Fan level at $155.

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