ONTBTC - Larger Ascending Wedge Pattern - A waiting game
Updated
My previous post yesterday was related to the smaller ascending wedge pattern that had a break out down causing the recommended stop loss at 0.00042500 to trigger. Since then I have been out and watching the RSI, as I indicated in my comment to the last post. On the 30 minute chart, the 60 and 50 RSI levels have acted as strong support during the recent runs. Now we are looking at the 4 hour chart and the bigger pattern.
ONTBTC has seen resistance from the top of the ascending wedge on three occasions and is currently butting against it. Personally there is too much risk for me to jump in at this point in time even though the overall trend has been relatively strong. Before buying back in I plan to wait for a breakout above the top of the ascending wedge or for it to find support on the bottom of the wedge.
ONTBTC has seen resistance from the top of the ascending wedge on three occasions and is currently butting against it. Personally there is too much risk for me to jump in at this point in time even though the overall trend has been relatively strong. Before buying back in I plan to wait for a breakout above the top of the ascending wedge or for it to find support on the bottom of the wedge.
Note
Using the 4 hour interval to predict timing of next breakout based on past two breakouts and the trend lines on both RSI and MACDNote
Looking at 15 minute interval, 3 taps on the top of a new descending wedge. Looking for it to return to the bottom of the wedge over the next few hours/day consolidating before it gets primed for another breakout. 
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