One of the best performing coins in the last month has to be Ontology, ONT/BTC.
After a very nice runup and some consolidation, ONT/BTC has now formed a nice channel for itself:
Currently reaching the support level at around 0.0005500. This area is also close to the bottom of the channel and happens to be near the .618 fib retracement level as well.
So as price reaches both the support level and bottom of the channel, this "crossroad" could be an interesting level to enter Ontology for another move up.
If you're looking for a short-term swing trade in Ontology, ONT/BTC, then these are the levels to look for.
This would have been true if ONT wasn't pegged to BTC.... ONT performed well because many people saw it as a hedge against a declining bitcoin.
Now that BITCOIN is rising in dollar value, trading bots automaticly adjust the relative value of ONT in terms of BTC value.
Your analysis is correct tho, 2 bullflags. There should have been a reversal to the upside.
Trade_Masters
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@ironflag, Yeah I see what you mean and your right. That's with all coins who are pegged with BTC of course.
TheCryptoLorax
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themack92
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@TheCryptoLorax, I agree with this however i think your c wave will be a lot longer considering we would have created a massive head and shoulders and broken through my target is between 29k - 35k sats
Now that BITCOIN is rising in dollar value, trading bots automaticly adjust the relative value of ONT in terms of BTC value.
Your analysis is correct tho, 2 bullflags. There should have been a reversal to the upside.