ONT USDT | APEX | Symmetrical Wedge | Trade Location
Today’s Analysis – ONT USDT - forming a symmetrical triangle, nearing its apex where a break in either direction is probable.
Points to consider:
- Apex approaching
- Low Volume
- RSI below 50
- 200 EMA (visual guide)
ONTUSDT is currently trading within a symmetrical wedge formation that will break in either direction as the immediate support and resistance converge.
The volume is clearly declining; indication of an influx being imminent, corresponding with the probable breakout.
The RSI has also formed a symmetrical triangle, a break of the pattern will support the directional bias.
200 EMA can assists as a directional guide, price consolidating above, giving a bullish bias.
Overall, in my opinion, a break will occur validating a trade in either direction. However further price development is needed to determine a directional bias with volume follow-through for price-action legitimacy.
Points to consider:
- Apex approaching
- Low Volume
- RSI below 50
- 200 EMA (visual guide)
ONTUSDT is currently trading within a symmetrical wedge formation that will break in either direction as the immediate support and resistance converge.
The volume is clearly declining; indication of an influx being imminent, corresponding with the probable breakout.
The RSI has also formed a symmetrical triangle, a break of the pattern will support the directional bias.
200 EMA can assists as a directional guide, price consolidating above, giving a bullish bias.
Overall, in my opinion, a break will occur validating a trade in either direction. However further price development is needed to determine a directional bias with volume follow-through for price-action legitimacy.