Looking at the current PA on $OMG, we can see a megaphone pattern starting to form. These patterns indicate that buyers and sellers are unsure of which direction to push price, thus increasing overall volatility of price.
Looking back at previous patterns, we can see a small M pattern that has formed, which is also noted in the key legend ORANGE "Price Pattern 1"
This same bar replay when widened gives us an almost identical sequence from 2-3-4.
Currently, the third sequence is forming and price has been closely following the first bar pattern much closer compared to the second (purple/check comments)
I've done an informal analysis on these patterns in my idea which is linked (fractal theory) where I've noticed that on the 3rd sequence price usually breaks out--in either direction given on leg of the pattern completes (saw it on google too, Lol). I first saw this pattern in LTC, then DATA, XTZ and a few others on larger timeframes. However there are different sequences of chart patterns that print over and over again on all timeframes (check the linked post).
From a purely technical POV, I am bullish on $OMG until price completes this first leg of the M. Price is currently reaching the previous ATH, meaning there will be some resistance and pull backs, however, once price can break these levels it will then find support there, from which (hopefully) we break the TL.
Check updates for more.
Looking back at previous patterns, we can see a small M pattern that has formed, which is also noted in the key legend ORANGE "Price Pattern 1"
This same bar replay when widened gives us an almost identical sequence from 2-3-4.
Currently, the third sequence is forming and price has been closely following the first bar pattern much closer compared to the second (purple/check comments)
I've done an informal analysis on these patterns in my idea which is linked (fractal theory) where I've noticed that on the 3rd sequence price usually breaks out--in either direction given on leg of the pattern completes (saw it on google too, Lol). I first saw this pattern in LTC, then DATA, XTZ and a few others on larger timeframes. However there are different sequences of chart patterns that print over and over again on all timeframes (check the linked post).
From a purely technical POV, I am bullish on $OMG until price completes this first leg of the M. Price is currently reaching the previous ATH, meaning there will be some resistance and pull backs, however, once price can break these levels it will then find support there, from which (hopefully) we break the TL.
Check updates for more.
Comment:
PATTERN 2
Comment:
FIB RATIOS (First M Pattern)
Comment:
Check out my page to see more coins that show megaphone patterns.
These analyses are my personal view on the market.
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
Always assume my investment risk tolerance is higher than yours
I’m here to make money, not hold your hand. Never blindly trust any analysis you see online because it fits your bias (including mine).
