NEO/BTC - Been holding its ground against BTC as of late

From a first glance look at NEO, it has not been looking as bad as most of the other BTC pairings lately which is always good to see. We might see a little more volatility coming soon:

NEO has been respected your measured targets, support levels, and common charting patterns very well. This is always what traders likes to see, validity in charting. Starting from when we had a very nice spike up to hitting the measured move out of the bull flag, to the bearish diamond top reversal hitting the measured move down. We are now currently forming an ascending broadening wedge, which is bearish. While bearish you can get some nice up and down price action considering these patterns indicate a lot of indecision so you definitely can make a few swing trades here. We are currently floating in the middle so I wouldn't be opening any positions yet. I do expect more significant price action coming soon because your MA's are all on top of each other so were in a very tight range. Its a tough call which way, but it is leaning downward considering the decreasing volume and negative MACD. RSI looks like it wants to roll over as well.

Looking forward, you can play this out a few ways:

I may consider opening a long position at the bottom of the broadening wedge considering we have found good support down there. That area sits at 2600 SAT level. I would place a very tight stop only because this pattern is bearish so it could break down on the next touch if it wanted to. At the same time it is holding that area very well, so it is a low risk play for me. Another way you can go is to wait for a short entry at the top of the wedge, which sits at overhead resistance and a very important diagonal trend line which is closing in fast (blue dotted line). They converge around the 3189 SAT area so that would be ideal for any short entry. The good news is if your short doesn't play out and we break the trend lines then you can swap over to your long entry because that would indicate a mega bullish signal.

This has some time to give you the green light to open any positions. So for now just sit on your hands and enjoy the calm waters, for now :)

Hope this helps!
Good luck!