Oh My Golly Gee! OMG going up?!?!(OMGBTC)
Updated
Helllllllo again!
Browsing through the charts and this caught my eye: OMG may be forming a symmetrical triangle!(Continuation pattern).
It is important to note that just before this, OMG was on a positive trend, despite the majority of the crypto market. Since the symmetrical triangle is a continuation pattern, it would be expected that the positive trend will continue! Usually symmetrical triangles DO NOT complete to their entirety and usually break out of the pattern anywhere from 60-80%(broadly marked by the up arrow).
Other positive indicators important to take into consideration: RSI. As you can see by the blue lines, there is Positive Divergence. Positive Divergence is when the Candle stick closes on a lower low than before, but the RSI actually increases. This can be an early sign of positive forces moving back into the picture. The MACD also is showing a sharp turn of the short term EMA(blue) upwards getting ready to cross the long term EMA(orange) and the .5 line.
We will have to watch this pattern closely because if it breaks to the downside of the triangle, it could mean a tank into the negative trend, which wouldn't be completely surprising in this current market environment.
I will update as I see new developments emerge.
Please comment, good or bad. Remember, I told you not to watch ;)
-Dr. Dont Watch
Browsing through the charts and this caught my eye: OMG may be forming a symmetrical triangle!(Continuation pattern).
It is important to note that just before this, OMG was on a positive trend, despite the majority of the crypto market. Since the symmetrical triangle is a continuation pattern, it would be expected that the positive trend will continue! Usually symmetrical triangles DO NOT complete to their entirety and usually break out of the pattern anywhere from 60-80%(broadly marked by the up arrow).
Other positive indicators important to take into consideration: RSI. As you can see by the blue lines, there is Positive Divergence. Positive Divergence is when the Candle stick closes on a lower low than before, but the RSI actually increases. This can be an early sign of positive forces moving back into the picture. The MACD also is showing a sharp turn of the short term EMA(blue) upwards getting ready to cross the long term EMA(orange) and the .5 line.
We will have to watch this pattern closely because if it breaks to the downside of the triangle, it could mean a tank into the negative trend, which wouldn't be completely surprising in this current market environment.
I will update as I see new developments emerge.
Please comment, good or bad. Remember, I told you not to watch ;)
-Dr. Dont Watch
Note
Looking at it now, looking as if there are higher highs and lower lows since the update. There is no significant buyer volume behind it, so I doubt a breakout for now, but it is definitely more proof towards the symmetrical triangle.Note
Checking the price action tonight, the price is still slowly going up... notice how it still stays within the triangle though? The buying volume isn't strong enough to push it out yet. I suspect OMG will take one of the three paths as shown on the below 4H chart. Path 1 is definitely bullish. Path 2 is ultimately bullish but will take a dip or two first. Path 3 is of course ultimately bearish, with the bears really bringing out the claws once price hits the bottom of the triangle. Again, the hypothetical paths are self explanatory looking at the charts and are based on the recent resistances/supports. I suspect it will most likely follow path 2 , or some hybrid of path 1/2. Overall though, we can not forget about the overall bear den of the market.
Good luck trading! I hope you all find this helpful or it at least provokes some thought. Comment and let me know ^_^
-Dr. Don't Watch
Note
Checking the 4H chart this morning, looks like we are headed more for path 2/3.Don't watch!
;)
Note
Path 3 looks MOST likely now, however seller volume is not yet there for me to close this yet. Although with BTCs recent drop, I wouldn't be surprised if OMG's response becomes delayed as well.Note
Looks like an upwards channel may be starting to form... especially with BTC continuing to rally.
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