ONT/BTC Distribution Phase. Mark-down soon
ONTBTC had an awesome run up, however it seems like market is exhausting.Recommend taking profit off this run, not touching this with a 10 foot pole.
Wyckoff Cycle
Elliot Wave
TA:
- Distribution phase
- Head & Shoulder on the 4hr TF
- Cloud trading sideways with a slight curve downwards (cloud break)
- ABCDE triangle
- Hidden bear divergence on the 4hr TF
Note
Everyone was bullish expecting another run up but volume is weak AF.Retest of triangle with a shooting star (bearish) reversal candle + cloud acting as resistance.
The downfall begins
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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.