ONTUSDT Local Double Top| 200 MA| Bearish Retest| Daily S/R
Evening traders,
Second analysis – ONTUSDT- a bearish retest likely to form with the immediate target Daily S/R,
Points to consider,
- Trend ranging
- Daily S/R (support)
- 200 MA Resistance (bearish retest)
- Resistance confluence
- Oscillators divergence
- Low volume
ONTUSDT’s intimidate trend is ranging between two key levels. Breaking either will be indicative of the trend direction.
The Daily S/R is the immediate support (bottom of the range), price is likely to respect this area as it is the base of the bullish engulfing.
Dynamic support has been breached, now acting as resistance with the 200 MA and bearish price action being in confluence, price is likely to establish a bearish retest here.
Both oscillators are below 50, this indicates weakness thus further downside probable before oversold conditions.
The current volume is below average, an influx is likely when key trade locations are tested.
Overall, in my opinion, ONTUSDT is a valid short targeting Daily S/R. Price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Environmental distractions and boredom cause a lack of focus – All of us have limits to our attention span and these are easily taxed during quiet times in the market.” Brett Steenbarger
Second analysis – ONTUSDT- a bearish retest likely to form with the immediate target Daily S/R,
Points to consider,
- Trend ranging
- Daily S/R (support)
- 200 MA Resistance (bearish retest)
- Resistance confluence
- Oscillators divergence
- Low volume
ONTUSDT’s intimidate trend is ranging between two key levels. Breaking either will be indicative of the trend direction.
The Daily S/R is the immediate support (bottom of the range), price is likely to respect this area as it is the base of the bullish engulfing.
Dynamic support has been breached, now acting as resistance with the 200 MA and bearish price action being in confluence, price is likely to establish a bearish retest here.
Both oscillators are below 50, this indicates weakness thus further downside probable before oversold conditions.
The current volume is below average, an influx is likely when key trade locations are tested.
Overall, in my opinion, ONTUSDT is a valid short targeting Daily S/R. Price action is to be used upon discretion/ management of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
“Environmental distractions and boredom cause a lack of focus – All of us have limits to our attention span and these are easily taxed during quiet times in the market.” Brett Steenbarger