Long

OMG Bullish Trading Range

Updated

This asset has held up very well over the last few turbulent weeks. If we take a look at the chart data, we can see the trading range is quite defined and its clear where institutional accumulation is taking place. What we want to do now is look for bullish divergence to the upside, and get involved once we see a change in market structure. OR, we can get a little riskier (which comes with more reward) by getting involved if we spring test the bottom trading range again. One of the most interesting things taking place on this chart is the declining supply (volume) evident over the last couple days. I take this as evidence of impending markup, which is usually followed by increasing volume at the break-out to keep gains in check.

As for the USD value of this asset, please see my OMGUSD posts. The pattern is different, but there is also a clear trading range in that chart. However, the USD value of OMG is dependent on what occurs in the BTCUSD chart, so its important to keep the latter pair in mind.

Note

Approaching the uptrend line along with the bottom of the trading range.

Note

Reversal confirmation line.

Note

The uptrend line is broken :(

We are at the trading range support level. Based on 1HR RSI we could bounce here and go up. If we break below, the major fibo support is next. Im not happy about the trend line break... this means we are likely to break it again.

Note

Got over that confirmation line... but the price action is pretty weak.

Note

Rising wedge (reversal pattern) on RSI and price action. No bearish divergence yet, but we are seeing weakness.

Note

No bearish divergences in the RSI. Key fibo resistance above tho. This will keep offer the OMGUSD chart some stability against upcoming loss in the BTCUSD.

Note

To give a little more analysis on whats up: We reached just above the sub-sub fibo level (broken purple line) and just below the key fibo resistance. This is a bearish. There is another uptrend line we can draw now (its on our updated chart). Just to remind you, if we get losses here, we will see this in the OMGUSD chart. IF we get further loss in the BTCUSD chart, that will compound the loss in the OMGUSD chart.

Note

We never got over the key fibo :(

Note

New OMGUSD thread:

OMG Crown Reversal: Wave 2 Consolidation or Deep Correction?

Note

OK, so we can explain the sluggishness in the OMGUSD chart based on things going on here in the OMGBTC chart:

Note the sub-key fibo support and that we are at the uptrend line again.

Note

We are still technically in the shorting area. We have some new lines:

Note

We have been trading below the uptrend line for a little while now, so a new chart will be made later.

Trader6127

Related publications

OMG Crown Reversal?

by Trader6127

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.