ONTBTC Double Bottom| S/R Flip| Pull Back Entry

9 kwi 2020

Evening Traders,

Today’s technical analysis will focus on ONT/BTC, breaking a key level with conviction; an S/R flip retest is likely for a trade entry.

Points to consider,
- Resistance breached
- S/R flip for confirmation
- 200 EMA immediate resistance
- 21 MA confluence (upon S/R Flip Retest)
- RSI in overbought
- Stochastics in upper regions
- Increasing bull volume nodes

ONTBTC has broken an important level with candle closes above; price was consolidating under resistance giving a sign of increasing buy pressure. A Support/ Resistance flip is probable for a confirmation of the now support.

The 200 EMA is current resistance (candle has not closed above it), price is likely to respect it initiating a rejection. The 21 MA on the other hand is likely to be in confluence with the S/R flip retest if price retraces (it is likely to align).

The RSI is in overbought conditions, sign that the current impulse move is overextended. While the stochastics is in the upper regions, can stay trading here for a while however stored momentum to the downside.

Increasing bull volume nodes are evident, can be interpreted as a sign that buy pressure will continue to test upper regions.

Overall, in my opinion, ONTBTC has breached a key level; a retest is highly probable to confirm an S/R flip – allowing for a pullback entry.

What are your thoughts?

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And remember,

“Whenever I have had the patience to wait for the market to arrive at what I call a Pivotal Point before I started to trade; I have always made money in my operations.” - Jesse Livermore