Forming a massive head and shoulders on the daily and 4 hour, Volume is dropping as the right shouler is forming. I wouldnt be suprised if we move a little higher to form a better looking shoulder on monday. Stoch RSI is increasing to overbought if we get the pump we could see it fall heavily oversold.
Considering ONT market valuation i can see this run coming to an end and retracement in the 26k to the 35k sat range as you can see thise will intersect with the long term trend line. As you can see we have completed 2 cycles already with ont each lasting 16 days i beleive we will see a slow drop over the next 11 days to the 0.618 - 0.786 levels. Selling pressure is high and the order book contains some large sell orders currently i beleive bots are playing an importat role in propping up this price to ensure we stick to the 16 day cycles.
Also having spent time in trading channel telegram i can see that the community including the admins are very immature once we break the head and shoulders pattern and head below 50k panic will ensue.
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We are attempting to break the head and shoulders, the next 4-8 hours will be important. The noobs in the trading channel are starting to panic could be in for a show!
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We broke the head and shoulders and we are on the way down. The bot action on binance looks really suspicious which makes me think that we will see a slow retrace back to the target are.
The H&S here is invalid, the shoulders have to be the same size.
themack92
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@freecode, you are wrong shoulders can be different sizes.
kalyanramy
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Are we still expecting it to go to 0.618/ 0.786 level or can expect it to bounce from here? I have a big bag of ONT from 6000 SAT so I am a bit worried at the moment.
themack92
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@kalyanramy, alot of support at 5k however I feel like this still has a way to go down just buy the selling pressure.. we had a good bounce before but we may keep testing and if we break 5k I can see us heading there
themack92
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Only a matter of time now IMO we should see a drop within the next few hours.