NEOUSD closes lower for the 2nd day in a row
NEO/US Dollar Index (NEOUSD) Technical Analysis Report for Nov 21, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, NEOUSD ended Thursday at 11.12 losing $0.42 (-3.64%). Closing below Wednesday's low at 11.42, NEO confirmed its breakout through the prior session low after trading up to $0.83 below it intraday.
Daily Candlestick Chart (NEOUSD as at Nov 21, 2019):
Thursday's trading range has been $1.25 (10.83%), that's far above the last trading month's daily average range of $0.79. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NEOUSD.
NEO/USD closed back below the 200-day moving average at 11.13 for the first time since November 9th. When this moving average was crossed below the last time on November 8th, NEOUSD actually gained 0.38% on the following trading day.
While the cryptocurrency is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
As prices are trading close to November's low at 10.28, downside momentum could speed up should the market mark new lows for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 200" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for NEO/USD. Out of 13 times, NEOUSD closed higher 61.54% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.85% with an average market move of 1.59%.
With seven out of the seven Major Cryptocurrencies closing lower today, the ones that stand out on the negative side are EOSUSD losing -8.74% and ETHUSD closing -8.11% lower. None of the markets managed to end the day in the green. Looking at the other Minor Cryptocurrencies, the winners of the day have been XRPBTC surging 3.14% and ETCBTC closing 2.24% higher. The worst performers of the day have been ETHCNY tanking -11.28% and LTCCNY closing -11.12% lower. Read more