Neo coin has been very bearish since it made its All-Time High which was in May 2021. The price has been making consecutive Lower Lows and Lower Highs. This shows that the macrostructure is very bearish at the moment, and unless and until the recent Lower High doesn’t get broken, the price can’t be considered as bullish, obviously on macrostructure.
Checking out the Weekly Time Frame first, as mentioned above, the price on the macro scale is bearish but if the last time frame to analyze is 4 Hours, then the recent candles are only much more important. The price recently broke or we can say stop hunted the Demand level, which was at $22. After that stop hunt, the price has got the orders and liquidity which serves as fuel for the price to move in any direction. This has induced some bullish momentum within the price. Last week closed bearish and rejected from the recent supply level which is very clear on the Daily Time Frame.
So moving to the Daily Time Frame, the Supply Zone, which was mentioned above is very clear and the price reacted very beautifully from that. The rejections were great and the bearish momentum which emerged was strong as well. Now talking about the structures, the price couldn’t break the Lower High which makes it still bearish on the Daily Time Frame. Right now the reason price is again at the same Supply level could be considered as an RTO move. Now as mentioned above, the Demand Zone was broken, and this Supply zone was the one which broke it so this Supply Zone is in control at the moment so talking about the strength of this zone, it can be considered as strong.
Now moving down to the last Time Frame which is a 4 Hour one, there are some other confluences as well, which can drive the price down. Talking about the structures, the price when it got the momentum started breaking structures to the upside but once it tapped in that supply zone, it shifted its structure to the downside which shows bearish intentions. On lower Time Frame, it also made SnD flip, which makes the 4H supply even stronger. The price right now is within the POI can short can be taken, as imbalance and liquidity below also serves as a confluence for the price to drive down.
Invalidation point can be considered as $26 while the target can be considered as $20.
