OMG, possibility of cup handle pattern.The pattern that started in 2020 August.
I'm looking forward to a big break out.
OMGUSDT trade ideas
BINANCE: OMG 4H RSI DIVERGENCEomg/Usdt 4h rsi hidden bearish divergence. It'll descend and then will ascende. Follow up the chart.
Note: Above idea is for educational purpose only.
OMGUSDT (OmiseGO) - BUY ENTRY ANALYSIS 🔎
- OMGUSDT brokeout above the double bottom neckline resistance.
- Price hit a swing high and retraced.
- Price retested the neckline resistance (flip horizontal support), key fibonacci retracement levels (0.5 - 0.618 - 0.786), and the ascending trendline support (ATS).
- There's a relatively high concentration of buyers at this retest zone (High buying pressure).
- The retracement was resisted by the descending trendline resistance (DTR).
- Price brokeout above the descending trendline resistance (DTR).
- This is a bullish signal.
BUY ENTRY ⬆️
- Market price (now).
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- The ascending trendline support (ATS) is acting as a dynamic support.
- Breakdown below this trendline support could be an invalidation signal.
- The previous swing low (S2) could be used as the last validation level.
OMG/USDT Found support to fight backOMG dropped strongly after reaching its previous ATH.
Finally we found a horizontal support line as well as a rising support line (Yellow).
OMG will make its way and rise again to crush its ATH.
Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
Helplines:
- Purple lines are trendlines we take a look at.
- Yellow lines are for visual help only.
OMGUSDT - 4 HOUROMG with a bullish reversal structure, IMO just a matter of time before this one breaks out.
One to add to the watchlist :)
For every new follower i will add a new idea :)
OMGUSD - LONGOMGUSD - market is rejected key weekly support and is now forming new higher highs and higher lows we are waiting for a break above this daily resistance before looking to long
