Points to consider:
- Strong downtrend
- short-term PA
- Respecting long-term trend support
- Oscillators below 50
OGN/USDT is still trading within its immediate downtrend as it bounces after an impulse sell into trend support, a retest of daily resistance is likely.
Oscillators are below 50, this indicates weakness in the market as we continue to tread into oversold conditions.
PA needs to hold trend support with further consolidation within this region before reclaiming daily S/R and the 50 to restore strength in the market.
Failing to hold trend support, price is likely to breakdown to structural support.
Overall, in my opinion, a long trade is validated as price reclaims key S/R levels and EMAs.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!