Nearing the close of the month of June, the cryptocurrency market is struggling to recover in overall prices. As of press time, total market capitalization is only at the $250 billion level with Bitcoin dominance hitting the 42% mark. This means that as Bitcoin price has gone down, altcoin prices also tumbled hard along with it. One of the most promising cryptocurrencies, NEO, also took a huge hit during the past weeks.
As of press time, Bitcoin is trading at the $6,200 level. On the daily chart, price is currently consolidating around the 1.00 Fibonacci level. The MACD is barely above the signal line, which means that momentum has not yet convincingly recovered. The RSI made a slight bounce back from the oversold region, but is currently arching back down.
Looking at the 4-hour chart, however, we can see an apparent bull flag forming, which will target the 0.786 Fibonacci level if we get price confirmation in the next day or two. The MACD is also above the signal line, which indicates a bullish divergence. The RSI is making a decisive move upwards. With volume confirmation in the coming days, Bitcoin price could bounce back and gain upward momentum.
On the NEO/BTC trading pair, price is currently at 0.049 BTC level. NEO price appears to still be on a downtrend from the February high, developing a much steeper downtrend during the month of June. The 1.00 Fibonacci level failed to hold as support line, which means that the next crucial level is around the 1.618 Fibonacci level or 0.0045 BTC mark. The MACD is currently below the signal line, indicating that the market sentiment is still bearish. The RSI is far below the oversold region, which could mean that buyers may soon be ready to enter their positions. If the RSI and MACD both make a strong move upward, price may soon make a decent recovery.
Looking at the NEO/USD trading pair, NEO appears to be consolidating around the $30 level. The 1.00 Fibonacci level failed to hold as support. The next crucial support level is the 1.618 Fibonacci level. Much like the NEO/BTC trading pair, the MACD and RSI also shows downward momentum. The MACD is slightly below the signal line and the RSI is sitting on the oversold region. More trade volumes that will swing the MACD and RSI upward will be need in the coming days before we see price recovery.
(DISCLAIMER: This is not financial advice. The analysis and recommendations provided here are based on my own research and personal opinion. Trade wisely!)