ONT in a bullish breakout | Technical Analysis by Whaleagents | 8.18.2018

ONT -1.90% has broken out of the descending parallel channel that has kept the price in it for more than 2 months. The price action has created series of lower highs and lower lows which pushed the coin all the way to the 0.000180, the lowest levels since March '18. The breakout occurred yesterday as the price comfortably closed above the upper trend line . It is to be expected to have a retracement to re-test the trend line , now as a support, before the coin may continue its potential move to higher levels. Looking at the big picture, ONT -1.90% hasn't even retraced to 23.6% Fibonacci level, which is the first Fibonacci level. A higher move will see at least 38.2% but this would mean that the coin broke above the trend line resistance, which is a bull/bear line for this coin. If, on the other hand, we see a move back to the inside zone of the channel, this would result in a false breakout on a weekly/monthly chart, an ultimate bearish signal that would push the price to lower levels from here.

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