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DYOR . Not Financial Advice Just an Observation.
Always remember: Technical Analysis is not about being right, it's about increasing your odds.
Be prepared to be wrong. Risk management is key . Capital preservation above all else.
Yet another example of Accumulation... Question is; was the last dip the SPRING or is the spring still to come? I don't know the answer to that question, but what I do know is this: If the spring is still to come, My truck will be all backed up, ready and waiting...
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I will share my thoughts on the current market situation and any possible targets. You can make your conclusion out of this and make your own decision how to play it!
A lot of ALTS are looking to take a big move upwards!
I see a few patterns on this chart. I can identify a inverse head and shoulders pattern(the psychology behind it) and a bullflag....
1) It looks like ONT is holding support very well and a possible new trend line (Bottom yellow line) is forming off of this dip.
------ If stop losses are set around .65 (7%) the possible gains are up to around $1 (40%ish) which I would suggest of course to take gains on the way up. I like to take gains around whole numbers because its easier to remember the...
Looing at our trend timeframe we see ONT remains in a minor uptrend, stochastic rsi showing momentum in favor of the bulls. This week's candle tested our uptrend drawn from early January. Next week we should expect another retest of the $0.80 unless the smaller timeframe shows otherwise.
Weekly (zoomed out)
Looking at our higher timeframe we see ONT remains in a downtrend since our ATH in 2018, however, the potential for this coin is personally one of my favorites. Looking at a naked chart we see the price has bottomed out around our $0.40 zone since then has gradually been heading towards the upside....
ONTUSD is trading within a Channel Up on the 4H chart since he January 3 bottom.
Levels to watch:
- The MA50 on the 4H chart is supporting so far the uptrend. As long as it doesn't break, the price targets the 0.9550 Resistance 1.
- If the MA50 breaks the pattern makes a pull back for a higher low. This happened in January 19.
- This appears...