Ontology on correction?
Ontology is one of the many projects I'm looking for. After the launch price steadily rised for more than a month and now there is a possible correction going on
In that case is interesting notice how elliott waves and subpatterns fit into the chart; after a 5 impulsive waves went overbought and the retracement started
Now, ONT have a really bullish trend and already touched the 50SMA and the support trendiline during the BTC dip so I see a two scenarios: from here I could continue it's rally with another impulsive waves or could form a complete corrective ABC pattern.
In the latter case I'm looking for an entry point around 6100 and 5400sat, this is the 0.618 fib retracement and also the zone of a first h4 support and a stronger weekly one
In that case is interesting notice how elliott waves and subpatterns fit into the chart; after a 5 impulsive waves went overbought and the retracement started
Now, ONT have a really bullish trend and already touched the 50SMA and the support trendiline during the BTC dip so I see a two scenarios: from here I could continue it's rally with another impulsive waves or could form a complete corrective ABC pattern.
In the latter case I'm looking for an entry point around 6100 and 5400sat, this is the 0.618 fib retracement and also the zone of a first h4 support and a stronger weekly one
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