NEOUSD closes higher for the 2nd day in a row
NEO/US Dollar Index (NEOUSD) Technical Analysis Report for Oct 18, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NEOUSD finished Sunday at 17.43 gaining $0.23 (1.34%). Closing above Saturday's high at 17.28, NEO confirmed its breakout through the previous session high after trading up to $0.46 above it intraday.
Daily Candlestick Chart (NEOUSD as at Oct 18, 2020):
Sunday's trading range has been $0.58 (3.38%), that's below the last trading month's daily average range of $0.93. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for NEOUSD. Prices continued to consolidate within a tight trading range between 16.80 and 17.78 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
After spiking up to 17.74 during the day, the cryptocurrency found resistance at the 20-day moving average at 17.71. The last time this happened on September 10th, NEOUSD actually gained 10.41% on the following trading day.
NEO/USD shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could speed up should prices move above the nearby swing high at 18.53 where further buy stops might get triggered. Selling could accelerate should prices move below the close-by swing low at 16.80 where further sell stops might get activated. Further selling could move prices lower should the market test September's nearby low at 15.97.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for NEO/USD. Out of 241 times, NEOUSD closed lower 57.68% of the time on the next trading day after the market condition occurred.
With six out of the seven Major Cryptocurrencies closing higher today, the ones that stand out on the positive side are ETHUSD gaining 2.69% and BCHUSD closing 1.76% higher. On the flipside the worst performer has been ETCUSD closing -0.36% lower. Looking at the other Minor Cryptocurrencies, the winners of the day have been BCNUSD surging 13.16% and VETBTC closing 5.15% higher. The worst performers of the day have been WAVESBTC tanking -5.27% and WAVESUSD closing -4.08% lower. Read more