Starting with our higher timeframe we see ONT has been following our downtrend since being introduced into the crypto space. Our naked chart shows the last time we were at this price we bounced from $0.55 up to $2.00, will we be seeing the same movie? ONT looks like it found support once again at this level, still the beginning of the month however we are seeing blue. The trend is your friend until it bends.
Shifting over to the pattern timeframe we see the price has tested this level on multiple occasions (4x's) with no signs of breaking this support level. Stochastic RSI showing momentum in bears, however, the bears looking like they are slowing down. Smaller timeframes may show us an early entry.
Sticking to our pattern timeframe, with a closer look at recent price action we see multiple weekly attempts to break below $0.50. This week's candle now looking to close above our resistance of $0.60. Strong weekly downtrend shown, a break and close above $0.70 confirms a second push towards the upside (after a retest of our breakout). A push towards $0.70 gives us a 16% gain with an entry at market price.
Finally looking at our trigger timeframe we see ONT now looking to set a higher high, a close above $0.58 validates this trend. Stochastic RSI showing an uptrend in momentum, higher low in the price shown above. However price also showing exhaustion within the most recent daily candles, and should expect a short term retracement. A daily close above $0.60 activates this trade, the first target would be $0.70.
Lastly looking at our 4hour timeframe we see ONT has found resistance $0.63 and is now looking to make a retracement. Stochastic RSI showing momentum was in favor of the bulls, however, we are at a temporary halt. A 4hour close above $0.62 indicates we are heading towards the upside for our 2nd leg. ONT retracement would look like a drop towards $0.55 to form another higher low, which would also leave us a (wammie) double bottom inside the $0.50 zone. (2) possible entries are shown, both can be set with limits or stops. No need to stare at your screen all day.
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