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ONTBTC trade ideas

ONT/BTC D1 chart (1/17/2019)The horizontal dashed black lines show major areas of support/resistance. The horizontal red lines show the swing high and low that traders should be watching for a close beyond. If price closes above the swing high, then I would be looking for a n initial target of the R3 pivot with a possible extension into the first pink box. Beyond that, the target becomes the upper pink box. If price closes below the swing low, then traders need to watch price and make sure it doesn't close below the lower dashed black line because if it does, then price can be expected to continue falling. We can see price nearing a possible breakout of the solid blue resistance which denotes the top of the descending channel it has been printing (the dotted blue line providing the channel support). The solid blue support denotes a possible ugly descending wedge which provides the possibility of the highest target box. RSI is printing an ascending triangle, and if it breaks through the triangle's resistance we can expect that price is breaking through the solid blue resistance and the targets are in play. MACD is nearing a bullish cross of center line as well. 1. The cryptocurrency market is extremely volatile. 2. Targets are potential expected reach, not guaranteed. 3. Resistance and support levels are elastic, not static. 4. We cannot advise you when to enter or exit a trade, only provide the trade set up as it appears at the time, so trade accordingly. 5. Traders should never trade more than they can afford to lose as each trade is based on possibilities, not guarantees. DISCLAIMER: We do NOT currently hold ONT. Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
by Chris_Inks