After a long downtrend it looks like ONT might finally be coming back up!
ONT looks like it just completed Wave 1 of the Elliot Waves. So once it completes wave 2 down, we can get in a good position to start playing the waves up.
Note: Once it does hit our buy zone targets at the end of wave 2, you should have some time to get in the trade
because there's usually a bit of consolidation and it moves sideways for an amount of time.
Once wave 1 completed, I was able to map out the trade using Fib Retracement. So here are some of the entry and exit points I came up with using Fib:
Buy Zone > 2600 - 2850
-Buy Zone at the end of wave 2
Sell Zone > 5050 - 5300
-Sell Zone at the end of wave 3
Re Entry > 4200 - 4600
-Re Entry at the end of wave 4
Now of course these numbers can go higher or lower. TA isn't exact or necassarily correct some times. It's just used as a guide and a map that most of the time works.
IMPORTANT: We must also put into consideration that we are still in a Bear Market, and BTC is still in a downtrend hitting lower
highs and lower lows, and in my personal opinion is likely to continue to fall. So if BTC suddenly drops off sub
5800, then this ONT trade might just fall through. Just be very cautious trading right now and set up a Stop Loss
to prevent big losses.
Disclaimer: I am not a financial advisor and these are just my personal opinions from the knowledge I've gained.
ONT looks like it just completed Wave 1 of the Elliot Waves. So once it completes wave 2 down, we can get in a good position to start playing the waves up.
Note: Once it does hit our buy zone targets at the end of wave 2, you should have some time to get in the trade
because there's usually a bit of consolidation and it moves sideways for an amount of time.
Once wave 1 completed, I was able to map out the trade using Fib Retracement. So here are some of the entry and exit points I came up with using Fib:
Buy Zone > 2600 - 2850
-Buy Zone at the end of wave 2
Sell Zone > 5050 - 5300
-Sell Zone at the end of wave 3
Re Entry > 4200 - 4600
-Re Entry at the end of wave 4
Now of course these numbers can go higher or lower. TA isn't exact or necassarily correct some times. It's just used as a guide and a map that most of the time works.
IMPORTANT: We must also put into consideration that we are still in a Bear Market, and BTC is still in a downtrend hitting lower
highs and lower lows, and in my personal opinion is likely to continue to fall. So if BTC suddenly drops off sub
5800, then this ONT trade might just fall through. Just be very cautious trading right now and set up a Stop Loss
to prevent big losses.
Disclaimer: I am not a financial advisor and these are just my personal opinions from the knowledge I've gained.