This pattern has repeated over and over with $OMG. Don't fight the trend. Go large here but set stops near 6.25. The structure is in place for this company to increase their market share in crypto.
TA: Above cloud still on 4hr with major appearance of yet another C N H that would if confirmed breach ATH sending the Fibbie's searching for the $10 range.
Beyond...
Based on the 4H chart we can see a double top chart pattern. It belongs to a reversal group of chart patterns. We should expect for downward movement to 5.5000 level at least. This is a support level which can stop and reverse the market. Also the uptrend line is an additional support in this zone. We must be ready to open long trades based on a confirmed reversal...
Is it only me or can you also see the similarities between these two rallies? Not only how it tested the top and then failed into a downtrend, but also how the downtrend was broken. Not to mention the Volume Profile with the VPOC on the top.
How do we enter a runaway trade without buying at the top just before a reversal? Where is a sensible entry point?
OMGUSD has popped and feels like the trade that got away before I entered. (see chart below posted when I placed OMG on my buy list)
Looking at the 4 hourly chart
( I prefer to use mainly daily and 4 hour charts - any shorter time frame is too...
What goes up, must come down....but when?
And here we have something that looks like a head&shoulder (top) pattern. It's just an idea and hopefully the pattern won't be valid. Whatever happens, I'll HODL!
If you want to trade after passing neckline, I wish you good luck and a responsible trading.
Donations:
BTC: 1Kdw9QzUucoc9JmGrXKLTbR1aLoUaYyThT
RSI on 3 hour chart is on its half way from an oversold area. On 6 hour chart there is only a beggining of the changed direction. This is a very high game with strong temptation to get in. We need to realize that market was pushing full speed ahead for the last few days and yesterday we started to see first signs of exhaustion .
If you managed to stay out...
OMG USD has been witnessing unreal gains. It has recently went from $1.41 to $7.50 in a matter of days. However, price seems to be consolidating over past couple of days, creating multiple patterns. In the long term trend channel, we see a rising wedge formation, with a definitive bearish divergence forming in Relative Strength Index.
In most recent...
OMG has just broken out of it's current consolidation and seems to be a continuation of it's previous trend. It has broken out above the 100MA, and the volume oscillator shows big volume, RSI peaking on hourly charts.
We should see a slight retrace, but overall pattern looks bullish.
Just waiting how the market correction will affect OMG.
Higher Trend line is decisive at the moment.
After a bull run we can expect correction to the Fib levels. Possible bearish wedge.
Any idea how to trade? Please share.
Thank you for watching. Good luck and peace!
