BINANCE:ONTUSD   Ontology / US Dollar (calculated by TradingView)
Quick scalp trade
ONT is at bottom of large fork and has one bounce at 4.90. which can be the stop
Entry is upon next rejection along this line probably around 4.95
Take profit around 5.60

For the last two days price has descended the small channel. Now it has broken the channel and the channel has become support. This is a bullish context as we approach the floor of the fork
See screenshot below for big picture

Comment: This is the bigger picture. Note the large Andrews fork is not proven. Note the Fibonacci tool is adjusted so that the levels of support are at key levels.
More precise target is 5.56

Comment:

I need to see a second bounce from this line before entering
Comment: I need to see a second bounce from this line before taking a trade. We should know within the hour
Comment: sloping resistance line has become support.
Enter at 4.97
Comment:
Support on top of new higher parallel
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