We've covered Ontology, ONTBTC previously but that didn't go as planned but now the chart looks more promising so let's take a look at it again shall we.
Ontology, ONTBTC one of the better performing coins since their launch on Binance in March has retraced quite a bit from its highs but has found good support around the 0.0004500.
It has bounced off that level several times already and it also happens to be near the .618 fib retracement level so it's an important support area to look at.
With a retracement of more than 35% and clear support, we could say that the corrective ABC wave is set and shown on the chart. So are we ready for the next impulse wave and next leg up for Ontology, ONTBTC?
The indicators RSI and MACD both moving upwards and enough room for further movement upwards.
Also, there's a little bull flag forming at the moment so if ONTBTC manage to break out of that bull flag, then we can see it move up and break the triangle that it's in.
So if you want to swing trade Ontology, ONTBTC then this might be an interesting moment to do so or you can wait for some more confirmation by the break of the bull flag or triangle.
Note this is a bit of a tight stop. Remember, you can use a larger stop or no stop at all if you believe in this coin for the mid-long term. You can just ride it out and don't have to worry to get stopped out and miss the swing.
Leave a comment if you have any questions.
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And until next time, good luck with your trading!
Trade ativo
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Just broke out of the triangle with a big candle and volume. We could be at the start of another nice runup for ONT.
If you haven't entered already, try to catch it after a nice retracement, hop on and enjoy the ride.
Until next time good luck and happy trading!
Comentário
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This has turned out to be a massive trade, all targets reached within a week! So hopefully you have profited from it.
Will look for new trade ideas when the opportunities are there.
Thanks for posting. Looks like it could be a good run. I am new at this, but if my count is correct it looks like two sub-waves in on wave 1... then it's just been going sideways all day. Seems to have a hard time breaking above the 55 EMA on the 2hr. Thoughts?
Trade_Masters
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@Dr_John, maybe on the 1 hour chart yes but on the 4 hour and daily I think it has just started an impulse wave and just broken out of the triangle as well so we could see some more fireworks in the coming days/weeks. Hope this helps and good luck with your trading!