Cryptocurrency
by Seth Parker on November 16, 2018

Ontology Analysis – Descending triangle shows the direction

Crypto market suffers now from the Bitcoin breaking the ultimate horizontal support and making new yearly lows. The scale of the sale is somehow small though. We do not see any panic and the drops look moderate. Today, we will focus on the Ontology, which on Friday is down 5%. This is one of the biggest declines today, so you see that the sentiment is not so bad! Previously, we mentioned this instrument on the 27th of August and we were positive:

“This breakout is a technical invitation to go long on this instrument. The potential target for this upswing is higher now and is the blue resistance on the 4 USD. Chances that we will get there are quite high. „

ontology chart

The price went higher but just in a short-term. In overall, that analysis was not the best one on the record. ONT was on our radar many times. Usually we were right in predicting the direction but not that time. After setting local highs on the 28th of August, the price went lower. ONT created a descending triangle pattern (orange and blue), so the formation promoting a further drop. The breakout of the lower line of this structure happened 3 days ago. That sorts out the bearish sentiment for the next few days. The ultimate target and the last crucial support is the yellow area, which was important here in March an August. Chances that we will get there are quite high.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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