ONT/BTC | Macro Trend Reversal | Key Level | Trade Setup

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!