$ON 🐻 Market Analysis
We can observe that in the 1D Timeframe it remains within the Bullish Channel (In the image identified in blue)
A few days ago there was a breakout of an important resistance (In the image identified in red). You can see a green candle that broke the resistance and stopped at the upper part of the channel.
There was a pullback to test that supply zone (There were two red candles that stopped right in the middle of the Channel)
Now the bullish move is approaching the upper part of the Channel. I think there should be a healthy pullback after the price reaches the upper part of the channel.
The bears could be preparing for a bearish move (trade the pullback) while the bulls are waiting for the price to drop to continue the trend (trade in favor of the trend)
It had been days since I last checked the asset. I remember that I did a Short and then I went to analyze other coins; I had forgotten ON 😅
In summary: The price is very close to reaching the upper part of the Bullish Channel (Possible pullback; remember not to enter out of FOMO).
Do you think this is the moment to go Long or Short? Remember to do your own research (DYOR)
We can observe that in the 1D Timeframe it remains within the Bullish Channel (In the image identified in blue)
A few days ago there was a breakout of an important resistance (In the image identified in red). You can see a green candle that broke the resistance and stopped at the upper part of the channel.
There was a pullback to test that supply zone (There were two red candles that stopped right in the middle of the Channel)
Now the bullish move is approaching the upper part of the Channel. I think there should be a healthy pullback after the price reaches the upper part of the channel.
The bears could be preparing for a bearish move (trade the pullback) while the bulls are waiting for the price to drop to continue the trend (trade in favor of the trend)
It had been days since I last checked the asset. I remember that I did a Short and then I went to analyze other coins; I had forgotten ON 😅
In summary: The price is very close to reaching the upper part of the Bullish Channel (Possible pullback; remember not to enter out of FOMO).
Do you think this is the moment to go Long or Short? Remember to do your own research (DYOR)