ONTUSDT - Possible reversal upwards - long term
ONTUSDT
On the 1 Day chart, we see a possible finger pattern.
This normally means, a strong indication that we will go up. As a finger sticking out and the bars on the side next to this same bar, or higher.
Looks good! BUT, this coin has no proper history. And if we’re really at a strong support here, remains to be seen.
A pretty strong Bullish Divergence on EFI, but not on MACD-H.
Also a bullish divergence on RSI.
We first have to overcome this local resistance, you can see around $3.63 .
When we will reach that an get through, we could see a nice uptrend for ONTUSDT.
You can however decide to take the risk, and assume this is the bottom and gradually buy your way in around the $3.50. I took this risk myself. Bad boy!
Entry $3.65
Target 1 $4.36
Target 2 $5.60
Stop Loss $3.35
R/R ratio:
Target 1: 1:2
Target 2: 1:6.5
Dear StopLoss killer: I don’t place the actual Stoploss, I place an alert, to asses the situation when it takes place. So you’ll leave me alone, so no harm for me there.
About the targets:
The target is flexible to me, I will see to it how the trade develops over time.
I could even stay in it longer then target 2, I might get out and take profits (if any) earlier, because the uptrend looks weak. Remember, the risk increases every step you get closer to your target.
Target 2 could take a long time really, we will update the trade in the mean time, to see how things develop. Target 1 is of course more reasonable.
On the 1 Day chart, we see a possible finger pattern.
This normally means, a strong indication that we will go up. As a finger sticking out and the bars on the side next to this same bar, or higher.
Looks good! BUT, this coin has no proper history. And if we’re really at a strong support here, remains to be seen.
A pretty strong Bullish Divergence on EFI, but not on MACD-H.
Also a bullish divergence on RSI.
We first have to overcome this local resistance, you can see around $3.63 .
When we will reach that an get through, we could see a nice uptrend for ONTUSDT.
You can however decide to take the risk, and assume this is the bottom and gradually buy your way in around the $3.50. I took this risk myself. Bad boy!
Entry $3.65
Target 1 $4.36
Target 2 $5.60
Stop Loss $3.35
R/R ratio:
Target 1: 1:2
Target 2: 1:6.5
Dear StopLoss killer: I don’t place the actual Stoploss, I place an alert, to asses the situation when it takes place. So you’ll leave me alone, so no harm for me there.
About the targets:
The target is flexible to me, I will see to it how the trade develops over time.
I could even stay in it longer then target 2, I might get out and take profits (if any) earlier, because the uptrend looks weak. Remember, the risk increases every step you get closer to your target.
Target 2 could take a long time really, we will update the trade in the mean time, to see how things develop. Target 1 is of course more reasonable.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.