$OMG, Trend Confirmation….
Weekly
Looking at our trend timeframe we see price is currently testing our weekly trendline, stochastic rsi showing momentum has nearly bottomed out and we should start seeing reversal candles form on our smaller timeframes.
Daily
Shifting over to our pattern timeframe we see price respecting our descending wedge pattern, stochastic rsi showing possible lower high forming. A daily close above our wedge and we should expect OMG to run, however if we close below 105500 expect OMG to continue to our 60000 support level.
4Hour
Finally looking over at our trigger timeframe we see price has been consolidating between 108750 and 106300, a 4hour close above/below either of these levels indicates our next direction. Stochastic RSI showing momentum is starting to head towards the upside.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.