Photo by regularguy.eth on Unsplash
Looking at the daily chart of cryptocurrency NEO-USD, we can see it trading in an A-B-C corrective decline from the highs, where wave C can be slowly coming to an end. Wave C is a motive wave and it should be completed by a five-wave cycle of the lower degree.
NEO-USD is quite weak for the last couple of weeks and with slow + sideways price action and wave structure, seems like it's forming/finishing a bearish triangle pattern within wave (4) of C, so be aware of another leg down for wave (5) of C before it finds the strong support and turns bullish. Ideal support is around 7-6-5 area, just keep in mind that the first bullish evidence is only above the trendline and 16 region.
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