OMG has formed a decent double top on a lower volume compared to the first top. If the initial trend line is broken, set your buy orders around fib 0.5 and the following larger orders at the next fib levels.
Conservative buyers may consider level 0.3. ADX doesn't show a strong trend, and stoch RSI is already at the bottom, so it is not clear whether there is enough strength in this push to go to 0.5 or below yet.
Thoughts? Am I overlooking something?
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Despite the spike, I still think it is going down. The volume isn't quite there. It looks more like price speculation than actual volume driving it up.
I don't see any news or announcement that would justify this spike other than, maybe, the west waking up to a lower price and finally trying to get a bit of OMG.
It is not a good time to buy as far as technical analysis goes, so I'd wait and see.
There was news about them meeting about it. So far, no major spikes in volume due to the deal being finalized. Usually it is the initial announcements that drive prices up, now may be the time when smart money take profit. Let's see.
This is the news/announcement that you overlooked, price will go further up.