NEO/BTC is completing a double bottom, but we should first limit our bullish outlook because the prevailing trend is still bearish.
NEO/BTC 1H Chart
- NEO/BTC found support around 0.0032 area and rebounded from here after failing to break it clearly.
- During the 12/4 US session, price continued to rally and was able to break above a common resistance pivot around 0.003725.
- I think if we see price come back and hold above 0.0034, the upside is still valid.
- The bullish outlook has 0.0050 in sight, but we should probably anticipate some resistance here because the prevailing trend has been bearish since August as we can see on the daily chart.
- I think the strongest bullish outlook for now is the 0.0060 area.