I've come to the conclusion that Technical analysis for altcoins such as ONT 0.91% , WAN, ICX is highly unreliable and outright dangerous if Bitcoin 1.18% remains extremely volatile.
Before you start blasting me. Hear me out. ONT 0.91% was obviously bullish I agree with you, 2 bullish divergences + 2 bullflags.
But yet, still failed to break out and moved the price upwards and it even broke through the POC .
Bitcoin 1.18% value in american dollars rose by 20% within 1 hour. Exchanges had to adjust the relative dollar value of Ontology to the new Bitcoin 1.18% price by dumping/lowering the price of bitcoin 1.18% value of ONT 0.91% .
In other words - Purchasing power of Bitcoin 1.18% was heavily increased within a very short-time frame.
If BTC's value in dollar remained within it's equilibrium. (6800-6900 range) Ontology would have remained Bullish .
Therefore... If you watched my previously analysis. I always take in consideration the dollar value of BTC 1.18% .
Before you start blasting me. Hear me out. ONT 0.91% was obviously bullish I agree with you, 2 bullish divergences + 2 bullflags.
But yet, still failed to break out and moved the price upwards and it even broke through the POC .
Bitcoin 1.18% value in american dollars rose by 20% within 1 hour. Exchanges had to adjust the relative dollar value of Ontology to the new Bitcoin 1.18% price by dumping/lowering the price of bitcoin 1.18% value of ONT 0.91% .
In other words - Purchasing power of Bitcoin 1.18% was heavily increased within a very short-time frame.
If BTC's value in dollar remained within it's equilibrium. (6800-6900 range) Ontology would have remained Bullish .
Therefore... If you watched my previously analysis. I always take in consideration the dollar value of BTC 1.18% .
Comment:
To prove my point
Comment:
Bitcoin bull rally seems weak. Soon BTC will lose it's purchasing power yet again. Money will undoubtly flow into alts. Ont was the ultimate hedge against BTC in the bear market it outperformed any substitute.
Will we see ONT rally up against after BTC bears take over?
Will we see ONT rally up against after BTC bears take over?