Ontology, just as the rest of the market, has been flirting with some dangerous levels as of late! As I noted in previous posts, ONT has a wedge set up and was getting close to a break.
UNFORTUNATELY we have seen a break bearish after testing and rejecting the top wedge line and we are not at some very dangerous levels. ONT is currently flirting with the previous bear run low of 1.753, and should find support here in the 1.70's. A break below that could do some real damage so exercise EXTREME CAUTION.
Prices below these levels are really unexplored territory for ONT/TUSD, and I would be surprised if we ran all the way down to the 1.00-1.10 range before we find another level of support. If the price breaks below 1.70 and the bulls cannot fight back, 1.50 would be the best case scenario of support. Psychological levels have a lot more impact than you think, and 1.50 does have some price action previously... but not enough for me to be confident in it holding.
Will keep everyone updated as time passes, but right now.... bears are in full control.
J_DOT_CRYPTO
Callin' it like I see it!
UNFORTUNATELY we have seen a break bearish after testing and rejecting the top wedge line and we are not at some very dangerous levels. ONT is currently flirting with the previous bear run low of 1.753, and should find support here in the 1.70's. A break below that could do some real damage so exercise EXTREME CAUTION.
Prices below these levels are really unexplored territory for ONT/TUSD, and I would be surprised if we ran all the way down to the 1.00-1.10 range before we find another level of support. If the price breaks below 1.70 and the bulls cannot fight back, 1.50 would be the best case scenario of support. Psychological levels have a lot more impact than you think, and 1.50 does have some price action previously... but not enough for me to be confident in it holding.
Will keep everyone updated as time passes, but right now.... bears are in full control.
J_DOT_CRYPTO
Callin' it like I see it!