The signs of accumulation haven’t really played out yet, but the 4-hour structure for $ONG has already weakened. The price is below EMA50 and EMA200, and the 1-hour chart also shows a bearish alignment. This doesn’t look like a sideways market.
The RSI is at 42.8, and sellers are still setting the pace. Any rebound looks more like an opportunity for bears to get positioned. Buyers may step in at the bottom of the range, but until the structure turns around, I’m inclined to follow the trend and look for a pullback.
🔴 Trade direction: Short
📍 Entry range: 0.0787784 – 0.0789054
🛑 Stop-loss: 0.0805344
🎯 Take-profit 1: 0.0775726
🎯 Take-profit 2: 0.0767264
🎯 Take-profit 3: 0.0754571
Take in the vastness of mountains and seas; observe the market’s subtle shifts.
Join Uncle Xiong on the journey, and witness the gains and losses of the world.
#ONG
Click below to trade 👇
The RSI is at 42.8, and sellers are still setting the pace. Any rebound looks more like an opportunity for bears to get positioned. Buyers may step in at the bottom of the range, but until the structure turns around, I’m inclined to follow the trend and look for a pullback.
🔴 Trade direction: Short
📍 Entry range: 0.0787784 – 0.0789054
🛑 Stop-loss: 0.0805344
🎯 Take-profit 1: 0.0775726
🎯 Take-profit 2: 0.0767264
🎯 Take-profit 3: 0.0754571
Take in the vastness of mountains and seas; observe the market’s subtle shifts.
Join Uncle Xiong on the journey, and witness the gains and losses of the world.
#ONG
Click below to trade 👇