yoshiii
Short

ONT: First Wave Done?

BINANCE:ONTBTC   ONT / Bitcoin
Hey everyone, this is my first TA so here goes.
ONT             has been seeing crazy gains over the last couple weeks but now I think it's time for it to start correcting.
This is a short term TA, do not use this as investment advice - I am no pro.


As you can see, it has been bouncing off the yellow upper trend line and hitting Fib extensions very accurately.
I'm no Elliot Wave guru but I think this wave count up looks pretty good, which is why I think there should now be a correction of some form.

The RSI looks like it has enjoyed it's time up high and is now ready to come back down to earth.
The MACD has crossed over and the histogram is trending down too.
The EMA is still looking good but should start crossing over if my theory is correct.

As for the correction, I've drawn a weird 'double-top' thing because of how bullish this coin is and could bounce off the top of wave 3.
I think it will re-test the ATH             again soon, then this is what I imagine could play out if it fails to exceed it.
Otherwise the Aqua collored correction could play out.
Either way, I have the end of the correction in the same spot.

If it comes down to the lower orange trend line and bounces off that, then we could be looking at the start of a new wave 3....depending how the market is going.

The white dotted lines are price ranges that could act as areas of resistance and support.
If it breaks up or down keep an eye on these areas.

If it breaks up past the ATH             then this is all pretty useless.
Hopefully this will help someone :)
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