ONT tapping oxygen reserve for a climb to a higher high on 1W TF
A flock of auspicious signs in TA signals it might be time for ONT to finally reach a higher high on the higher TF at around $1.88:
Increasing volume on weekly time frame;
Closed green comfortably over EMA55 and MA200 on 1D;
About to close green weekly candle above EMA55;
Three higher bottoms in RSI + bullish divergence (higher bottom in RSI but wick of corresponding weekly candle is lower); Recent Ripple news tapped supply at 0.35-0.40 establishing a new higher third bottom that we were likely never going to visit if it weren't for SEC.
Broke first trend line drawn on top of recent lower highs breaking falling wedge structure;
Candle structure is anonymous on both weekly and daily that we are in an uptrend. Body of green candles on 1W is higher than half of recent red leg down.
Three more major downward trendlines some of which overlap with key Fibonacci levels outline juicy targets:
T1: $0,82;
T2: $1 (trendline + 0.5 Fib)
T2: $1.88 (0.618 Fib)
To add fuel to the fire we also have a fundamental news from yesterday - Ontology based "Welcome home" app passed initial stages of Daimler Mobility review, meaning ONT technology could potentially find its way soon to every smart Mercedes.
What may rock the boat?
- If we close weekly candle tomorrow below 0,64
- Market sentiment and BTC sell off, as always.
Increasing volume on weekly time frame;
Closed green comfortably over EMA55 and MA200 on 1D;
About to close green weekly candle above EMA55;
Three higher bottoms in RSI + bullish divergence (higher bottom in RSI but wick of corresponding weekly candle is lower); Recent Ripple news tapped supply at 0.35-0.40 establishing a new higher third bottom that we were likely never going to visit if it weren't for SEC.
Broke first trend line drawn on top of recent lower highs breaking falling wedge structure;
Candle structure is anonymous on both weekly and daily that we are in an uptrend. Body of green candles on 1W is higher than half of recent red leg down.
Three more major downward trendlines some of which overlap with key Fibonacci levels outline juicy targets:
T1: $0,82;
T2: $1 (trendline + 0.5 Fib)
T2: $1.88 (0.618 Fib)
To add fuel to the fire we also have a fundamental news from yesterday - Ontology based "Welcome home" app passed initial stages of Daimler Mobility review, meaning ONT technology could potentially find its way soon to every smart Mercedes.
What may rock the boat?
- If we close weekly candle tomorrow below 0,64
- Market sentiment and BTC sell off, as always.
Comment:
ATTENTION: Apologies, it is meant to say $1.18 for T2, not $1.88 but can't edit anymore! :-)
Trade closed: target reached