Friday, 6 September 2019

ONT (Ontology) : Moving Averages Fight Any Recovery



After the breakdown of the uptrend line, ONT/USD is trading in a range-bound condition. The main resistance right now is the 20-day EMA. Look at the chart and see how this moving average is a great hurdle for any recovery. This shows that the trend is down. Above the 20-day EMA there are the trend line and 50-day EMA. We suggest traders open long positions only if the price breaks out the 50-day EMA.
If the bulls successfully carry the pair above both the moving averages, a rally to $1 level is likely. Thereafter to $1.20.

On the other hand, bears weren't be able to drag the price below $0.68 level, this shows that the selling pressure isn't strong yet. However, if the buyers don't come in soon, the bears will try to sink the pair below this level and extend the fall to $0.50. 

Therefore, we don't recommend open fresh positions at current  conditions.

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