Crypto Analysis: Two Possible Scenarios for NEOUSD

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NEOUSD moves inside two channels: green and yellow. It can be assumed that the movement of this cryptocurrency pair is significantly influenced by the green channel because when the price moved from its upper line to the lower green wall, we saw a complex correction movement.

SimpleFX NEOUSD Chart Analysis: November 4, 2021

 And after the price rebound from the lower green line, we saw a fairly rapid rise. That is, when the price moved against the slope of the channel, the decline occurred in a corrective form, and when the market began to move in the same direction in which the green channel is directed, we saw a trend movement. Based on this, it can be concluded that the green channel has a significant impact on the price movement. 

However, now the bulls have come close to the upper wall of the yellow channel, which can change the trajectory of movement. If we see a rebound from the yellow line and the level of 47.55, the bears may seize the initiative and start pushing the price in a downward direction to the area of the support level of 38.48, which is located on the lower green wall.

If the level of 47.55 is broken by bulls, the market growth may continue in the same manner until the price reaches the upper green line and the level of 51.76. Thus, now traders should carefully monitor how the market will behave around the key level of 47.55.

Control the risks and be careful when making trading decisions!

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