ONT: Multiple 4HR Bars Before Inside Bar Breaks Bearish
ONT saw almost 12 hours pass before the inside bar finally broke bearish. Higher lower patter broke, and we are in full bear mode right now.
Bulls continue to lose the moving averages as support. If you look back before the last bear break, the bulls were coming in HOT with volume to keep the moving averages as support. Eventually their steem ran out and now the bears are fighting to do the same. We are seeing continous decreasing volume with each 4HR bar until very minimal and then the bear bomb drops with a large volume spike and a drop in price.
Ideally the bears would like to push the price down below the bear wedge (red) that we are seeing right now and push to new lows. Not a lot of action at the price level on Binance in the past, we don't have much to go off of which is never help.
Right now, I am playing it patient. I do have some money in at this level because there has been a lot of support in the 1.80-1.95 range. The bulls will fight to push the volume higher in the 1.90 range before making a run at 2.00 which will be a HUGE TEST. Moving averages are pushing down lower and lower which I think the bulls REALLY LIKE at this point. Having both so close together makes for a HUGE resistance level to break.
Keep a close eye on the wedge I have posted in red. As you can see.... we are getting VERY CLOSE.
J_DOT_CRYPTO
Callin' it like I see it!
Bulls continue to lose the moving averages as support. If you look back before the last bear break, the bulls were coming in HOT with volume to keep the moving averages as support. Eventually their steem ran out and now the bears are fighting to do the same. We are seeing continous decreasing volume with each 4HR bar until very minimal and then the bear bomb drops with a large volume spike and a drop in price.
Ideally the bears would like to push the price down below the bear wedge (red) that we are seeing right now and push to new lows. Not a lot of action at the price level on Binance in the past, we don't have much to go off of which is never help.
Right now, I am playing it patient. I do have some money in at this level because there has been a lot of support in the 1.80-1.95 range. The bulls will fight to push the volume higher in the 1.90 range before making a run at 2.00 which will be a HUGE TEST. Moving averages are pushing down lower and lower which I think the bulls REALLY LIKE at this point. Having both so close together makes for a HUGE resistance level to break.
Keep a close eye on the wedge I have posted in red. As you can see.... we are getting VERY CLOSE.
J_DOT_CRYPTO
Callin' it like I see it!
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