ONTBTC Fomred a Bottom looking strong
ONTBTC Pair have formed a bottom with long term support preventing further downfall. Support was held around 17th Dec 2018 and it was tested successfully around 7th Feb 2019. That Was a bullish signal. However, we still had a string resistance around 0.0001900 to 0.0002 region.
That resistance is broken with recent price action.
Two possible options now.
(1) Case 1: Momentum upwards driving the price action further towards 0.00026-27 Region where we have a strong Resistance. Mostly likely, it is not going to be broken as RSI and Momentum is showing overbought indicating a pull back soon. If this is happening, It may not be pulling back to 0.0002 support zone. In that case a good buy would be around 0.00024 with SL around 0.000235.
(2) Case 2: Since RSI and Momentum is already shifting in overbought zone, the price action may touch around 0.00024 (where I see some Resistance) and if not broken, a pull back is highly likely. In such case, I would wait for it to test the support around 0.0002 and start laddering buys from 0.00022 towards 0.0002 with SL below the support.
That resistance is broken with recent price action.
Two possible options now.
(1) Case 1: Momentum upwards driving the price action further towards 0.00026-27 Region where we have a strong Resistance. Mostly likely, it is not going to be broken as RSI and Momentum is showing overbought indicating a pull back soon. If this is happening, It may not be pulling back to 0.0002 support zone. In that case a good buy would be around 0.00024 with SL around 0.000235.
(2) Case 2: Since RSI and Momentum is already shifting in overbought zone, the price action may touch around 0.00024 (where I see some Resistance) and if not broken, a pull back is highly likely. In such case, I would wait for it to test the support around 0.0002 and start laddering buys from 0.00022 towards 0.0002 with SL below the support.
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