Bitcoin was consolidating the past few days and we can now see some interesting patterns.
At the moment we have a macro rising wedge that served as resistance for the bulls. Today we broke the wedge and are trying to find support on it for further continuation.
Target of the breakout of the wedge is 22k.
If we fail to see continuation it is likely that this is...
OMG formed a classic Head & Shoulders pattern.
Target is the green area between 7.5 and 8. Confluence with fib level .618 and longterm uptrend support. 4hr RSI is also pushing overbought and could need some down movement.
If you are longterm focused, there is no need to worry, since the fundamentals of omg are still solid and undervalued. However, if you are a...
We can see a classic ABCD pattern on OMG.
B to C leg is a 0.618 retracement from the A to B leg.
C to D leg will be a 1.272 extension of the B to C leg, conform the ABCD theory. This makes an estimated target of around $16.
A to B lasted 61 days, so C to D will likely last 61 days and reach target around new years eve.
We also broke the...
We see that a H&S pattern is forming in the 4hr chart. RSI confirms price reversal. We can open short positions. Profit target will be identical to distance top of the head with the neckline (36.3%), which makes the profit target 520k.
Stop loss should be put to previous resistance levels.