OMG Breakout?

Updated

Careful could be double top...look for continuation patterns/pullbacks and be mindful of the RSI. Volume would lock in gains.

Trade active

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Nice mini bull flag?

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WE should keep an eye on OMGBTC as a break of the trend line or a bounce from the ATH could be disastrous for OMGUSD. Rising BTC value is on our side in the USD chart, but not exactly in the other one...yet :)

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For us to perform better (or worse) than BTC here we need the following situation resolved:

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Sorry about the above:(

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This is good :)

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Remember, what happens here is very important!

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YESSSSS! We are now quite leveraged in our gains... XD

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Big picture shot. Things are moving fast. I think the "alternative route" is now out of question and we are most likely currently in a sub-wave 1 out of the broader wave 3 (the longest wave!). Based on chart patterns, we should be looking for sub-wave 1, 3, and 5 on the RSI. Based on the performance of this asset, we want to hold until we burnout on what appears to be the final wave. My bullish senses are telling me we might have to rip through that MAX TP to get that final sub-wave 5 *thumps*

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Touched Min TP! This is still subwave 1. RSI is coming back around so we should expect further up.

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Looking over at OMGBTC we have the following situation which might unfold. This is good, becuase it extends upward possibilities as a contiunation pattern. Remember, that percentage in dollar terms is ON TOP of the value of BTC. You have better odds of holding OMG right now.

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If you missed the breakout you could go long at the bottom of what might be a triangle or flag.

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Maybe we are in subwave 2 about to enter subwave 3 (the longest one!)???

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Big picture: notice new wave counts. Yes, they change. THis is becuase wave counting is like political science or economics...its not science.

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Bull Flag?

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OK, here we go. We are in sub-sub-wave 5 within sub-wave 1. Expect some profit taking at 0.786 level. We will likely level out and trade sideways for an A - E correction which is wave 2.

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Oh forgot to mention: You can either take profits up here and buy back in. We will likely revisit price levels within this triangle we are leaving now.

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Here is how you can trade this: If it falls out of the rising wedge we could sell.

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BTC is taking an alternative route today - apparently it needs it, otherwise it can't get to MIN TP. So here is how we can deal with this. If you havent bought in already you could play this.

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Back on the other front:

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Update time! :)
So we came down to test some support lines, looks good so far as we are still trading within our rising wedge with no breakdown signals. Remember, rising wedge patterns are reversal patterns. BUT, I have seen cryptos break ABOVE these patterns! Crazy, eh? (*Canadian lingo slipped in three ;P).

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So I only see green 4HR candles so far *thumps*! We can now draw a more accurate rising wedge and we can see an extension level to aim for. I am hoping the tip is the end of our sub-wave 1 so we can have a consolidation before going forward. So aim for $13.50 and settle for $13.25. I could go further, so you could just use a trailing stop loss strategy and risk a few extra cents. We will not reach this goal for another 24hr so i'm off!

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Is this end of sub-wave 1? New wedge pattern

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We are appraoching the bottom channel line here. BTC is rising so if we can perform within the channel we are golden XD

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Red candle in the 4HR and RSI is tired. We could see a revisit to 9.33, odds are leaning more toward 9.80.

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I want to post one more thought: If what we are dealing with is really the beginning of wave 3, and more specifically, the ending and consolidation of sub-wave 1, then we should not see a big selloff. 1. Breaking ATH is a big buy signal; 2. We already tested support and if you look you can find a hammer candle that retested support in the 4HR; 3. We are close to the base of sub-wave 3, which will be the longest wave in this entire structure (sub-wave 3 within wave 3) until we see a larger correction after wave 5 (November-December?). HODL HODL HODL!

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Right now is the kind of place I like to enter the market. RSI is on your side, support is near, and if the market reverses on you, you are only out 2 to 3% on your purchase. You then try to find another similar entry point. I should add, you want to see higher lows first.

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Incredible...Watch for doubple top!

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Weeee, you should be up 25%. Go ahead, take some profits.

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We have been on an amazing tear for a while now. As we go higher along the wedge the RSI will get pretty drunk, waiting to lean over. You have two options. 1) You can sell and take your 25%+ profit if you bought the breakout. You'll probably want to buy back in at some point in the wave two consolidation (this can be tricky). 2) You can hold, as we still have two more waves to go (this is the route I am taking) but be prepared for volatility. I do not recommend stop loss at the bottom of the current impulse wave (approx. $11.10) to see if we go higher, you might get stopped out prematurely and that would really suck!

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Another thing: I have been holding since the end of correction wave-C. I will make a post about this strategy in more depth some time. That's a gain of almost 60%! XD

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Holy crap RSI coming back around... haha!

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We will break out of the TOP of our rising wedge in the OMGUSD chart i think

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XD XD XD

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I see no sell signals yet on the other chart, too.

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We are now trading outside our rising wedge again. Looks like we have a possible channel or we might hav eto form a wider wedge :)

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No need to panic, we just need to draw our lines properly :P

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Here is a possible 1-5 wave count of sub-wave 1 with wave 3. I emphasize POSSIBLE because this art can be very elusive.

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A messy chart with three different senarious (green lines). I prefer the big H&S so that we can go higher more consistently.

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RSI is in friendly zone, and if the bulls come running in we could go higher, which is why I am not selling. You see the game we are playing? I'm off for a little while. GL all.

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I think the right shoulder is unlikely to complete.

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Sorry, this one:

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We kissed $9.80! Magic? We should not trade below that level. Its seems we are in Wave B. I will be closing this thread and starting a new one as its too long.

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New thread:

Trade closed manually

Trader6127

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