OMGBTC is moving up after completion of bullish reversal move
Hey friends hope you are well and welcome the new update on OMG token.
The price action has broken out the down channel. The volume profile was already showing low interest of traders in channel. The POC of volume profile is at 0.00055 btc. Sofar the volume indicators is showing buying volume with continuity.
During dump, the priceline broke down 25 and 50 SMAs and now getting bounced from 100 SMA. The next resistance is at 0.00056 btc. This resistance is almost at the same level where we have the POC of volume profile.
The price action has formed a Gartley move on daily chart. This move I have already shown in my previous article as well. Now priceline is moving up.
The targets as per bullish Gartley can be as below:
Sell between: 0.00074126 to 0.00124667 btc
On long term 2 weeks chart the priceline has also formed a bullish Shark on monthly chart.
The targets as per bullish Shark can be as below:
Sell between: 0.001079 to 0.001977
Conclusion:
Even though the priceline is turning bullish from the PRZ level of the bullish Gartley on the daily chart. However, we should use the potential reversal zone of this pattern as stop loss. Because if the priceline will break down the this level then price action can move more down to complete bullish Butterfly move.
The price action has broken out the down channel. The volume profile was already showing low interest of traders in channel. The POC of volume profile is at 0.00055 btc. Sofar the volume indicators is showing buying volume with continuity.
During dump, the priceline broke down 25 and 50 SMAs and now getting bounced from 100 SMA. The next resistance is at 0.00056 btc. This resistance is almost at the same level where we have the POC of volume profile.
The price action has formed a Gartley move on daily chart. This move I have already shown in my previous article as well. Now priceline is moving up.
The targets as per bullish Gartley can be as below:
Sell between: 0.00074126 to 0.00124667 btc
On long term 2 weeks chart the priceline has also formed a bullish Shark on monthly chart.
The targets as per bullish Shark can be as below:
Sell between: 0.001079 to 0.001977
Conclusion:
Even though the priceline is turning bullish from the PRZ level of the bullish Gartley on the daily chart. However, we should use the potential reversal zone of this pattern as stop loss. Because if the priceline will break down the this level then price action can move more down to complete bullish Butterfly move.
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