The illusion of accumulation is the easiest thing to fall for, but the hard evidence for $ONG still points to the bears. Both the 4-hour and 1-hour charts are trading below the moving averages, with sellers clearly in control. The short-term bounce looks more like an opportunity for shorts to get in. Just look at the volume: upward moves lack strength, while drops are decisive. This kind of structure is unlikely to support a sustained rebound.
The moving averages overhead are acting as resistance, so a bounce into the resistance zone will likely be followed by another drop. It’s best to follow the trend and not let one or two bullish candles throw you off. Until the structure turns, the bearish outlook remains the more convincing one.
🔴 Trade direction: Short
📍 Entry range: 0.0806047 – 0.0807536
🛑 Stop loss: 0.0830478
🎯 Take profit 1: 0.0789027
🎯 Take profit 2: 0.0777183
🎯 Take profit 3: 0.0759418
There’s no need to chase the trend; it will come to a stop on its own.
Stand shoulder to shoulder with Sister Li, and let every moment resonate.
#ONG
Click below to trade 👇
The moving averages overhead are acting as resistance, so a bounce into the resistance zone will likely be followed by another drop. It’s best to follow the trend and not let one or two bullish candles throw you off. Until the structure turns, the bearish outlook remains the more convincing one.
🔴 Trade direction: Short
📍 Entry range: 0.0806047 – 0.0807536
🛑 Stop loss: 0.0830478
🎯 Take profit 1: 0.0789027
🎯 Take profit 2: 0.0777183
🎯 Take profit 3: 0.0759418
There’s no need to chase the trend; it will come to a stop on its own.
Stand shoulder to shoulder with Sister Li, and let every moment resonate.
#ONG
Click below to trade 👇