Today's analysis – ONT/BTC – establishing an S/R flip retest above structural support.
Points to consider:
- Bullish price action
- Trend Reversal
- Support Confluence
- Volume Influx
- RSI ranging above 50
ONTBTC trading in a healthy uptrend, breaking its structural resistance with multiple bullish engulfing candles indicating strong buyers in the market, forming a bullish bias.
Price breaking bullish from its inverse head and shoulders pattern, forming consecutive higher lows and higher highs is indicative of a macro trend reversal.
A successful S/R flip of structural support as it coincides with the 200 EMA will solidify the trend reversal.
There is a clear volume influx coinciding with the break of the key level, follow-through is required for continuation.
The RSI is currently testing the 50 level, it needs continue ranging above 50 to maintain strength in the market.
Overall, in my opinion, a successful S/R flip retest backed by volume validates a long trade to technical targets above with risk defined below structural support.
If you’ve read this far, I’d like to thank you for following my work and development as a trader!
As always,
Focus on you, and the money will too!
Points to consider:
- Bullish price action
- Trend Reversal
- Support Confluence
- Volume Influx
- RSI ranging above 50
ONTBTC trading in a healthy uptrend, breaking its structural resistance with multiple bullish engulfing candles indicating strong buyers in the market, forming a bullish bias.
Price breaking bullish from its inverse head and shoulders pattern, forming consecutive higher lows and higher highs is indicative of a macro trend reversal.
A successful S/R flip of structural support as it coincides with the 200 EMA will solidify the trend reversal.
There is a clear volume influx coinciding with the break of the key level, follow-through is required for continuation.
The RSI is currently testing the 50 level, it needs continue ranging above 50 to maintain strength in the market.
Overall, in my opinion, a successful S/R flip retest backed by volume validates a long trade to technical targets above with risk defined below structural support.
If you’ve read this far, I’d like to thank you for following my work and development as a trader!
As always,
Focus on you, and the money will too!
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.