Ontology (ONT) Makes A Higher Low And Holds The Uptrend

ONT is one of the few major altcoins to actually NOT venture to new lows on the ratio since the "altpocalypse." On this chart, you can see that it is currently back above its slow rising support (pink). I bought originally at $0.60, and it has so far outperformed Bitcoin by a small margin. The same can't be said for many altcoins. Unfortunately, ONT is still held in check by other broken rising supports (light blue trendlines) and has a lot of overhead resistance. A lot of altcoins seem to be close to ending what could be ABC corrections since their massive dumps against Bitcoin, so I'm interested to see what happens with altcoins here as Bitcoin prepares for its next big move (up or down). Something else to note is that ONG is on the rise a bit today, which could indicate an upcoming ONT run. On the downside, if we slide below the pink uptrend again, things won't be looking good for ONT.

If we look at the USD chart, things look very good. We're well above our rising support, so we have a lot of room to fall, should the market experience a correction here. We're also on the verge of breaking above the neckline of a potential enormous cup and handle pattern at $1.68 that could send us skyrocketing towards the $2.80-$3.00 resistance.

My speculation that ONT was undergoing accumulation in the $0.50-0.60 range was correct before, and I timed the breakout on its Bitcoin ratio pretty well. Previous Ontology analyses are linked below.

This is not financial advice. Just a coin I've been observing for a while, since I bought low and want to see if it can remain looking bullish. This is for personal and speculative purposes only.

-Victor Cobra

Trade active:

Entered a mid-term trade for practice at 1745.

Trade closed: stop reached:

Uptrend has been broken. Best to wait on the sidelines to look for strength before entering again.

Comment:

It’s possible we get back into the uptrend - I’m personally willing to wait it out, since this is only a small trading position. But the trade close posted above is meant for educational purposes. If I were working with a larger amount, I’d exercise risk management here.

Comment:

If not, I was wrong - and we will see some further weakness for a bunch of alts.

Comment:

As I just mentioned on my ADA analysis, I often feel weird about writing about my personal trades here, since it can cause me to become biased. My objective analysis tells me to wait it out, but the way I trade is over longer timeframes. I’d rather stomach some mid-term losses than try to perfectly time the market, as upswings in crypto happen in the blink of an eye. If I’m wrong, this was only a practice amount anyway.

Comment:

Also posted on my ADA chart: Not able to post a chart right now, but it appears that some alts (ADA and ONT, for example) are in a potential ABC corrective phase against Bitcoin, and the C wave is taking the form of a falling wedge. Decreasing volume may confirm this. This means that they may slide a bit lower in the coming days, but might ultimately break up, I’ll make a separate post about this later.

Comment:

We've reclaimed the uptrend again! If this daily candle can close above, it would be a great buy signal.

Comment:

Continued failure, not much else to say. If we can't reclaim the uptrend with conviction, new lows are possible. Some decent signs from the altcoin market at the moment though.