OMG Possible Long Setup#OMG 🚀 Big Picture Price Update: January 21, 2024
Good news for OMG! It broke out of a downtrend and is now on an upward trend. In the long run, it could reach 6.27$.
Here are some positive signs from the chart:
A rising 20-day average, suggesting bulls are in control.
A bullish divergence between price and RSI, showing momentum for the bulls.
A bullish Engulfing pattern on the daily chart, indicating bullish control.
According to Elliott Wave theory, OMG might be in the early stages of a five-wave uptrend. This could mean another rise to $1.00 or even $1.50 before a wave 3 correction.
Key levels to watch:
Support: 0.8278 (breakout level).
Resistances: 0.9000, the 50-day average.
Overall, the OMG chart looks bullish. Traders, keep an eye out for buying opportunities at 0.725 or lower.
Quick thoughts:
Breaking out of the downtrend is a big deal. Bulls seem to be taking over.
Bullish indicators on the chart are promising, suggesting the uptrend may continue.
Remember, Elliott Wave theory is a tool, not a guarantee. OMG's actual movement depends on various factors.
Specific to Elliott Wave theory:
Wave 1 of the uptrend might end around $1.00. Expect a Wave 2 correction to $0.8278 or less. Wave 3 could then take OMG to $1.50 or higher.
Remember, this is just a possible scenario.
Omgsetup
OMG/USDT - 54% setupHello, Traders!
OMG is consolidating in an active trading range of $4.78 - $5.48
Entry into purchases can be sought between $4.96 and $5.18
Stop Loss is safer at $4.30
Price levels would be the following target levels:
$ 6,25
$ 6,94
$ 7,90
Good luck and watch out for the market
P.S. This is an educational analysis that shouldn't be considered as the financial advice
