Ontology, ONTBTC - Impulse Wave 3 in The Making?
This is a follow-up analysis of Ontology post I did recently with an Elliot Wave count for ONTBTC, which you can check out underneath this post with the link to it.
After the latest sell-off of the market on Friday to Saturday, we now have a new situation, pattern and Elliot Wave count to consider. So let's take a closer look and analyze the chart again.
Analyses
- After some consolidation and recent sell-off, ONTBTC broke the upward trendline and has retraced back all the way to the .618 fib level around the 7500 sats. This is a key fib and support level which held almost perfectly. Now we have a new upward trendline.
- After an ABC retracement, we can start a new impulse wave up and it looks like we are currently already starting with a wave 3.
This might be a little premature cause wave 2 was quite shallow and short so for a confirmation of a wave 3, ONTBTC has to firmly and "easily" go past correctional wave B of the ABC which is around 10500 sats.
Otherwise is a failed attempt which means we're not done with wave correctional wave 2 yet.
- If we break above wave 1, we've also formed a Cup & Handle pattern which could be an early confirmation or sign of a continued upward movement and wave 3.
Note that Ontology, ONTBTC like most (alt)coins is highly correlated with BTC and ETH so if they sell off then everything goes with it so to be on a safer side, it's better to wait for the market to settle down, a better/positive sentiment and have more confirmation of a breakout/wave 3 before entering a trade. You must some upside but your chances of success will (drasticly) increase as well!
So with this and above analyses in mind, if you do want to swing trade ONTBTC then this is how you can trade it:
Trade Instructions
Buy Area
0.0009000 - 0.009500
Profit Target
1. 0.0010536
2. 0.0011472
3. 0.0012407
4. 0.0013740
Stop Loss
0.0008400
You can use larger stop or no stop at all if you believe in this coin for the mid-long term. But invest accordingly and use an amount you're willing or can afford to lose.
Leave a comment if you have any questions or concerns.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
After the latest sell-off of the market on Friday to Saturday, we now have a new situation, pattern and Elliot Wave count to consider. So let's take a closer look and analyze the chart again.
Analyses
- After some consolidation and recent sell-off, ONTBTC broke the upward trendline and has retraced back all the way to the .618 fib level around the 7500 sats. This is a key fib and support level which held almost perfectly. Now we have a new upward trendline.
- After an ABC retracement, we can start a new impulse wave up and it looks like we are currently already starting with a wave 3.
This might be a little premature cause wave 2 was quite shallow and short so for a confirmation of a wave 3, ONTBTC has to firmly and "easily" go past correctional wave B of the ABC which is around 10500 sats.
Otherwise is a failed attempt which means we're not done with wave correctional wave 2 yet.
- If we break above wave 1, we've also formed a Cup & Handle pattern which could be an early confirmation or sign of a continued upward movement and wave 3.
Note that Ontology, ONTBTC like most (alt)coins is highly correlated with BTC and ETH so if they sell off then everything goes with it so to be on a safer side, it's better to wait for the market to settle down, a better/positive sentiment and have more confirmation of a breakout/wave 3 before entering a trade. You must some upside but your chances of success will (drasticly) increase as well!
So with this and above analyses in mind, if you do want to swing trade ONTBTC then this is how you can trade it:
Trade Instructions
Buy Area
0.0009000 - 0.009500
Profit Target
1. 0.0010536
2. 0.0011472
3. 0.0012407
4. 0.0013740
Stop Loss
0.0008400
You can use larger stop or no stop at all if you believe in this coin for the mid-long term. But invest accordingly and use an amount you're willing or can afford to lose.
Leave a comment if you have any questions or concerns.
Like the post, if you liked it and share it if you loved it. This is for good karma.
And until next time, good luck with your trading!
Disclaimer
This information is not a recommendation to buy or sell. It is to be used for educational purposes only.
Trade active:
We dipped/wigged a little below the wave 2 level but back above it quickly so the above count is still intact.
What I missed yesterday but what got to my attention today is that we're not only to look to form a cup & handle but also an inverse head & shoulder pattern:
With both pattern, we have the same perspective and objective though when we broke out and the pattern(s) is formed.
Interesting to see how things develop in the coming days/weeks with the consensus summit and market sentiment. So let's see how things go from here.
What I missed yesterday but what got to my attention today is that we're not only to look to form a cup & handle but also an inverse head & shoulder pattern:
With both pattern, we have the same perspective and objective though when we broke out and the pattern(s) is formed.
Interesting to see how things develop in the coming days/weeks with the consensus summit and market sentiment. So let's see how things go from here.
