NEO, EOS: Price Analysis, February 2, 2018

NEO/USD
NEO broke below the symmetrical triangle on February 1 2018. Today (February 2), it fell close to the critical support level of $93.53 which resulted in strong buying by the bulls.

The pullback in the NEO/USD pair has reached close to the breakdown point of $132, which should offer a strong resistance level.

NEO is one of the stronger cryptocurrencies in the top 10 list because it is still quoting above the 50-day SMA.

We consider that it might be better to buy NEO during the next fall to $105 levels.

EOS/USD
We were expecting the trendline to provide some support, but the bears easily broke down below it. EOS found buying support at the $8.4 levels, close to the critical support zone of $7.5 to $6.5.

The EOS/USD pair is comparatively strong because it is also quoting above its 50-day SMA. Aggressive traders can buy on any dips towards $9 and keep a SL of $7.4.

The profit objective on the upside is a rally to $14 levels.

We recommend that the long-term traders, however, should wait for a buy set up to form before initiating any long positions.

Note: - Bottoms are not formed in a single day. After such a steep decline, we are likely to see a pullback and a few days of volatile price action. Therefore, we have suggested only a few trades and that too only for the aggressive trader.

The long-term traders should wait for a successful retest of the lows before buying.