A pennant pattern has formed, and it appears a breakout is confirmed.
Target: $15.50
Target: $15.50
Comment:
It appears we are in the thralls of a larger correction, that will require some relabelling of the Elliot Wave numbering. In the interim, there is support at $10.40. If this level is taken out, the next level of support is $9.90. If you're into day trading, you might want to consider liquidating a portion of your holdings when these supports are convincingly broken, and buy back a little cheaper. Otherwise, the market will come back eventually. Still long OMG in the longterm.
Comment:
I just discovered that there is a bearish pennant forming almost identically in all crypto markets. This is very likely beause Bitcoin is in the middle of a very large Elliott Wave ABC correction, and is taking down all other cryptos with it. If this correction realizes it's full potential, in could be a correction for the record books. Afterwards, the markets will recover, and we will undoubtedly see new highs. But first, some pain. Be cautious and alert.