ONTBTC trading in a healthy uptrend, breaking its structural resistance with multiple bullish engulfing candles indicating strong buyers in the market, forming a bullish bias.
Price breaking bullish from its inverse head and shoulders pattern, forming consecutive higher lows and higher highs is indicative of a macro trend reversal.
A successful S/R flip of structural support as it coincides with the 200 EMA will solidify the trend reversal.
There is a clear volume influx coinciding with the break of the key level, follow-through is required for continuation.
The RSI is currently testing the 50 level, it needs continue ranging above 50 to maintain strength in the market.
Overall, in my opinion, a successful S/R flip retest backed by volume validates a long trade to technical targets above with risk defined below structural support.
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