OMG USD - 1 HR chart rising wedge/bearish div.
Updated
OMG USD has been witnessing unreal gains. It has recently went from $1.41 to $7.50 in a matter of days. However, price seems to be consolidating over past couple of days, creating multiple patterns. In the long term trend channel, we see a rising wedge formation, with a definitive bearish divergence forming in Relative Strength Index.
In most recent consolidation move, we see what could be construed as a symmetrical triangle / or another rising wedge. I originally thought this OMG coin was going to move upwards another $1 or $1.50, but we may see a reversal before that can happen. Keep a close eye on trend channels for possible breakout, and watch the volume indicator for verification of a potential reversal.
We may still see upward movement to next level, however this new formation seems to be signaling a price correction in the near future. We still have room near bottom trend channel on longer charts to maintain current trend, but we may see a price drop closer to $5.50. A correction would make sense, given the relentless bullish movement recently.
Trend lines and RSI would point to a bearish movement, towards the support level of $5.50. However overall chart is still bullish.
Let me know what you see!
In most recent consolidation move, we see what could be construed as a symmetrical triangle / or another rising wedge. I originally thought this OMG coin was going to move upwards another $1 or $1.50, but we may see a reversal before that can happen. Keep a close eye on trend channels for possible breakout, and watch the volume indicator for verification of a potential reversal.
We may still see upward movement to next level, however this new formation seems to be signaling a price correction in the near future. We still have room near bottom trend channel on longer charts to maintain current trend, but we may see a price drop closer to $5.50. A correction would make sense, given the relentless bullish movement recently.
Trend lines and RSI would point to a bearish movement, towards the support level of $5.50. However overall chart is still bullish.
Let me know what you see!
Note
Different chart, different exchange, different trend lines. But correction likely.Note
Correction almost over, falling flag formation in progress, perhaps to bottom of channel. Look for previous trend to continue.
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