ONTBTC Trade Inv. H&S| Volume Profile| 200 MA Resistance
Evening Traders,
Today’s Analysis – ONTBTC – breaking its neckline zone if it’s Inverse head and shoulders. A retest and hold of the .618 Fibonacci is a long opportunity with defined risk.
Points to consider,
- Macro Inv. Head and Shoulders
- Neckline support (Retest)
- 200 MA Immediate Resistance
- Oscillators Neutral
- Volume Profile in synch
ONTBTC has broken out of its macro bullish pattern; the technical target is in confluence with structural resistance.
The Neckline retest will allow for a long entry with defined risk. The S/L placement logically is at the recent thrust candle.
Retest and hold of the neckline will solidify it as support and further confirm the reversal pattern.
Immediate resistance is the 200 MA, price initially has respected it. Breaking this resistance will be very bullish; reaching the technical target will become more probable.
Both oscillators are neutral in retrospect with the pattern. Trading above the 50 level gives a bullish bias in the market.
The volume profile is in synch with the pattern, the recent volume spike confirmed the neckline break. Volume follow through will be key when reaching the technical target.
Overall in my opinion, ONTBTC has a very clear inverse head and shoulders at play. Retest of the neckline, (.618 Fibonacci), is a valid long entry with defined risk. Breaking above the 200 MA will increase the probability of reaching the technical target.
What are your thoughts?
Thank you for following my work!
And remember,
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager
Today’s Analysis – ONTBTC – breaking its neckline zone if it’s Inverse head and shoulders. A retest and hold of the .618 Fibonacci is a long opportunity with defined risk.
Points to consider,
- Macro Inv. Head and Shoulders
- Neckline support (Retest)
- 200 MA Immediate Resistance
- Oscillators Neutral
- Volume Profile in synch
ONTBTC has broken out of its macro bullish pattern; the technical target is in confluence with structural resistance.
The Neckline retest will allow for a long entry with defined risk. The S/L placement logically is at the recent thrust candle.
Retest and hold of the neckline will solidify it as support and further confirm the reversal pattern.
Immediate resistance is the 200 MA, price initially has respected it. Breaking this resistance will be very bullish; reaching the technical target will become more probable.
Both oscillators are neutral in retrospect with the pattern. Trading above the 50 level gives a bullish bias in the market.
The volume profile is in synch with the pattern, the recent volume spike confirmed the neckline break. Volume follow through will be key when reaching the technical target.
Overall in my opinion, ONTBTC has a very clear inverse head and shoulders at play. Retest of the neckline, (.618 Fibonacci), is a valid long entry with defined risk. Breaking above the 200 MA will increase the probability of reaching the technical target.
What are your thoughts?
Thank you for following my work!
And remember,
“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager