The best risk/reward opportunities often emerge after a stop hunt. $ONG ’s rebound brought the price back below the dense cluster of 4-hour EMAs. Structurally, this is a pullback retest within a downtrend, not a reversal. The moving averages remain bearishly aligned, and price continues to trade below the EMA50 and EMA200. Volume didn’t increase during the rebound, suggesting limited buying support.
What I’m watching is whether downward momentum continues once the pullback ends. If the previous low gives way, it could open up room to fall further. Its short-term strength relative to BTC actually offers a better risk/reward for shorts. Chasing the move higher carries considerable risk, so it’s safer to wait for confirmation from the price structure.
🔴 Trade direction: Short
📍 Entry range: 0.0596091 – 0.0598639
🛑 Stop loss: 0.0627495
🎯 Take profit 1: 0.0574767
🎯 Take profit 2: 0.0559702
🎯 Take profit 3: 0.0537105
Take in the vastness of mountains and seas; observe the market’s finer details.
Trade alongside Uncle Xiong and witness the ups and downs of the market.
#ONG
Tap below to trade 👇
What I’m watching is whether downward momentum continues once the pullback ends. If the previous low gives way, it could open up room to fall further. Its short-term strength relative to BTC actually offers a better risk/reward for shorts. Chasing the move higher carries considerable risk, so it’s safer to wait for confirmation from the price structure.
🔴 Trade direction: Short
📍 Entry range: 0.0596091 – 0.0598639
🛑 Stop loss: 0.0627495
🎯 Take profit 1: 0.0574767
🎯 Take profit 2: 0.0559702
🎯 Take profit 3: 0.0537105
Take in the vastness of mountains and seas; observe the market’s finer details.
Trade alongside Uncle Xiong and witness the ups and downs of the market.
#ONG
Tap below to trade 👇