NEOUSD slips to lowest close ever
NEO/US Dollar Index (NEOUSD) Technical Analysis Report for Dec 08, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, NEOUSD finished Saturday at 6.17 edging lower $0.01 (-0.16%). Today's close at 6.17 marks the lowest recorded closing price ever. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (NEOUSD as at Dec 08, 2018):
Saturday's trading range has been $1.06 (17.18%), that's slightly below the last trading month's daily average range of $1.20. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NEOUSD.
Five candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern, one bearish pattern, the Gravestone Doji and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Rickshaw-Man showed up on January 8th, NEOUSD gained 26.18% on the following trading day.
Prices are trading close to the key technical support level at 5.46 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 5.46 where further sell stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Gravestone Doji" stand out. Its common bearish interpretation has been confirmed for NEO/USD. Out of 3 times, NEOUSD closed lower 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after seven trading days, showing a win rate of 66.67% with an average market move of -3.54%.
With four out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are BCHUSD losing -4.7% and LTCUSD closing -1.04% lower. On the flipside the best performers have been EOSUSD closing 6.86% higher and XRPUSD gaining 2.28%. Looking at the other Minor Cryptocurrencies, the winners of the day have been BTCCNY surging 21.7% and ETHCNY closing 18.49% higher. The worst performers of the day have been BCHBTC tanking -6.69% and IOTBTC closing -4.13% lower. Read more