ONT / BTC technical analysis [BINANCE]
ONT seen from the temporality of 1W, in principle we can observe the formation of a setup falling wedge, we know that within this setup, the price is contracting within the structure because sales decrease, it is not a rule, but from this setup are expected three high in resistance and four low in the support of the structure, the closer the price approaches the wedge of the figure, the more "explosive" will be the bullish movement when it manages to break the resistance.
ONT seen from the temporality of 1M we can see how the current candle is very close to the support located in the 1355, the most likely is that the price reaches that point, making a double floor and see a brief recovery of the price, for it is necessary that the price to reach the support find a strong demand from the bulls and put a "brake" on the fall, if so, we should see the price rise towards the resistance located in 1985, achieving a gain of 44%, which would not be bad at all.
ONT seen from the temporality of 1D, we can observe more closely the current price movement, within the chart I have pointed out the possible movement that should follow the candles in their trajectory within this setup. It is worth mentioning that following the current structure of ONT, we should see a new LL after we have that rebound.
In conclusion, we should wait until the price reaches the support located at 1355 to place a purchase order, the price should bounce at that point before falling further, however I recommend to be attentive to the movement of the candle, in trading nothing is 100% safe, we eliminate possibilities against us to make the best decision, the rest of the market decides.
When the price falls below the 1355 support, we could see the price within the range of 600 - 500, this scenario would give us an excellent opportunity to generate large profits this year, prior to the growth of other currencies.
As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.
In this blog I will be publishing my technical analyses made to different cryptocurrency.
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