The ESPORTS strategy shared earlier has now successfully taken profit this round. With the evidence clear on the chart, the 4-hour structure for $ONG has already spelled out the answer: price is below the EMA50, while the EMA200 is much higher, and the bearish moving-average alignment remains intact. On the 1-hour chart, each rebound has come with weaker volume. This looks more like a continuation of the downtrend than a reversal. The cluster of moving averages overhead acts as resistance, making a rebound into that area a likely point for bears to take control again.
I’m focused on continuation after the rebound loses steam, rather than trying to call the bottom. Of course, price has moved some distance from the moving averages, so a short-term corrective bounce is possible. That’s a timing risk to manage when positioning for a short—not a change in direction.
🔴 Trade direction: Short
📍 Entry range: 0.0633352 – 0.0634780
🛑 Stop loss: 0.0652596
🎯 Take profit 1: 0.0620169
🎯 Take profit 2: 0.0610905
🎯 Take profit 3: 0.0597007
Take in the vastness of mountains and seas; observe the market’s finer details.
Trade alongside Uncle Xiong and witness the highs and lows of the world.
#ONG
Click below to trade 👇
I’m focused on continuation after the rebound loses steam, rather than trying to call the bottom. Of course, price has moved some distance from the moving averages, so a short-term corrective bounce is possible. That’s a timing risk to manage when positioning for a short—not a change in direction.
🔴 Trade direction: Short
📍 Entry range: 0.0633352 – 0.0634780
🛑 Stop loss: 0.0652596
🎯 Take profit 1: 0.0620169
🎯 Take profit 2: 0.0610905
🎯 Take profit 3: 0.0597007
Take in the vastness of mountains and seas; observe the market’s finer details.
Trade alongside Uncle Xiong and witness the highs and lows of the world.
#ONG
Click below to trade 👇