We the have ONT/BTC 4hour chart:
ONT is in a bullish channel with very healthy price action.
Notice how we've been having double bottoms followed by a rise to the top of channel. This has happened repeatedly.
In addition, taking a look at the RSI - We see that every time we had are first bottom of the series of double bottoms, the RSI was at its lowest point...
ONTBTC is testing the 4h support inside a descending channel. If the price will have a breakout from the descending channel and retest the previous resistance as new support, According to Plancton's strategy (check our Academy ), we can set a nice order.
Otherwise, If the price will lose the current support, we could see a retracement until the weekly...
Looking at ONTBTC (Ontology), we can notice that things are starting to turn.
We have the RSI hitting oversold recently, just days ago as well as the MACD hitting a strong low.
The last time this happened was back in January 2021 and was followed by a bullish wave that lasted over 4 months (124 days).
Now, the RSI hit oversold and is starting to move up......
Support a trendline (touched three times), confluent with breakout of another trendline In a triangle,
Holding above Ema 50,
Consolidation in a retest zone (blue box),
Targets and Stop loss in a chart.
Start your trading week with profit, folks🔥
Looks like this formation is still relevant💯
It stays on a significant zone.
According to fundamental analysis this coin looks really well.
However do not rush and wait for a clear signal on the market.
If you enjoy my FREE Analysis , support the idea with a big...
Not financial advice but this is the potential of ONT as it recaptures its old ATHs on the OTC/BTC chart.
Imo, the $21 PT will be the first altseason cycle top and the $74 PT will come during the blow-off top cycle end.