ONTology VS Bitcoin Uptrend Continuation
After forming a strong support at 14700 satoshis, ONTology started to move up, reaching the previous resistance level at 33800 satoshis. At that point consolidation has started in form of the triangle patter. Today price broke the triangle pattern and previous resistance, suggesting the continuation of the uptrend.
Although the correction down towards the triangle area could take place, the trend remains bullish and could result in ONT/BTC growth towards 60k satoshi area on the next wave up. Break and close above the 60k resistance could send ONT much higher, while rejection should send price back towards 30k satoshis area.
On a downside, break and close below 26k satoshi support should invalidate bullish outlook and extend the consolidation, but it does not seem that it could result in a downtrend.
Although the correction down towards the triangle area could take place, the trend remains bullish and could result in ONT/BTC growth towards 60k satoshi area on the next wave up. Break and close above the 60k resistance could send ONT much higher, while rejection should send price back towards 30k satoshis area.
On a downside, break and close below 26k satoshi support should invalidate bullish outlook and extend the consolidation, but it does not seem that it could result in a downtrend.
Trade closed: target reached
Comment:
As the resistance is broken, uptrend could become exponential
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