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WaineNZeddmo
Aug 23, 2017 8:57 PM

OMGBTC 4H CHART OMG MARKET CONDITIONS 

OmiseGo / BitcoinBitfinex

Description

A week after our last analysis, OMGBTC pair, is still in range and overbought, however, rising triangle still formed, with possible entry levels on the chart.

A break bellow triangle should trigger Stop-loss and could lead to next resisatance zone near 0.00129

IMO, it is more likely a break bellow support rather than a break over resistance because of RSI bearish divergence. Market will tell.

WNZ
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Comment

Market currently in range
Comments
mrnav
What you have highlighted isn't really a bearish divergence though. Only between the first two peaks, otherwise its in line with the fact that the highs have been declining (lower highs matched in the RSI)
WaineNZeddmo
@mrnav, Thank you for your comment. Take a look at PVT. It is also coming down. However, market has the final call, lets see what happens.
mrnav
@WaineNZeddmo, yeh I don't doubt the market is going down, RSI is definitely weakening and MACD crossing over on the 1D chart too. Just not a divergence on RSI, I'm trying to get better at spotting them too!
mrnav
@WaineNZeddmo, What is PVT?
WaineNZeddmo
@mrnav, Price Volume Trend
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