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Fan Yang

NEO/BTC - Wait for a Pullback From Wedge Resistance

NEO has been rallying against Bitcoin in the pats week but is going to see a resistance soon. Based on the daily chart, patient traders might wait for a pullback towards the 0.00325 BTC level before going long.

NEO/BTC Daily Chart

(click to enlarge)

Period of Retracement:
- NEO/BTC had a huge rally in June and then again in August. 
- Since then, it  has been sliding choppily in a descending wedge. 
- Recently, we saw price dip faster, but rebound after hitting the 0.002 BTC level.
- The price level has doubled since then. 
- But we do see price reaching the falling trendline.
- Those trying to ride this NEO rally now might get some short-term pullback. 
- Maybe the pullback will pin NEO/BTC against the support/resistance pivot around 0.00325 BTC, where I think there will be buyers. 

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