OGN/USDT | Holding Structure | Support Confluence |Trade Setup
Today's analysis – OGN/USDT – Consolidating at daily support as it retraces from the local swing high.
Points to consider:
- Strong Counter-trend
- Daily/Trend Support Confluence
- 21 EMA Visual Guide
- Declining Volume
- Oscillators Below 50
OGN USDT retracing in a strong countertrend from its previous swing high as it reverts to trend support, historically seen to be a key pivotal level.
Price consolidating and respecting trend support as it coincides with daily support putting emphasis on the key level.
Further price development will allow the 21 EMA to act as a visual guide, assisting in trade management.
Volume is steadily tapering off indicating an influx being imminent, likely to coincide with the breakout.
Both the RSI and Stochastics trading below 50; an indication of lacking strength and momentum in the immediate market. Oscillators are likely to neutralise as the trade sets up.
Overall, in my opinion, price needs to hold trend support; a successful S/R flip of the 21 EMA validates a long trade to technical targets above with risk defined below daily support.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
Points to consider:
- Strong Counter-trend
- Daily/Trend Support Confluence
- 21 EMA Visual Guide
- Declining Volume
- Oscillators Below 50
OGN USDT retracing in a strong countertrend from its previous swing high as it reverts to trend support, historically seen to be a key pivotal level.
Price consolidating and respecting trend support as it coincides with daily support putting emphasis on the key level.
Further price development will allow the 21 EMA to act as a visual guide, assisting in trade management.
Volume is steadily tapering off indicating an influx being imminent, likely to coincide with the breakout.
Both the RSI and Stochastics trading below 50; an indication of lacking strength and momentum in the immediate market. Oscillators are likely to neutralise as the trade sets up.
Overall, in my opinion, price needs to hold trend support; a successful S/R flip of the 21 EMA validates a long trade to technical targets above with risk defined below daily support.
If you’ve read this far - thank you for following my work!
And as always,
Focus on you, and the money will too!
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