Browsing through the charts and this caught my eye: OMG may be forming a symmetrical triangle!(Continuation pattern).
It is important to note that just before this, OMG was on a positive trend, despite the majority of the crypto market. Since the symmetrical triangle is a continuation pattern, it would be expected that the positive trend will continue! Usually symmetrical triangles DO NOT complete to their entirety and usually break out of the pattern anywhere from 60-80%(broadly marked by the up arrow).
Other positive indicators important to take into consideration: . As you can see by the blue lines, there is Positive Divergence. Positive Divergence is when the Candle stick closes on a lower low than before, but the actually increases. This can be an early sign of positive forces moving back into the picture. The also is showing a sharp turn of the short term (blue) upwards getting ready to cross the long term (orange) and the .5 line.
We will have to watch this pattern closely because if it breaks to the downside of the triangle, it could mean a tank into the negative trend, which wouldn't be completely surprising in this current market environment.
I will update as I see new developments emerge.
Please comment, good or bad. Remember, I told you not to watch ;)
-Dr. Dont Watch
Again, the hypothetical paths are self explanatory looking at the charts and are based on the recent resistances/supports. I suspect it will most likely follow path 2 , or some hybrid of path 1/2. Overall though, we can not forget about the overall bear den of the market.
Good luck trading! I hope you all find this helpful or it at least provokes some thought. Comment and let me know ^_^
-Dr. Don't Watch
Thanks for the comment!