OMGBTC double-bottom, wedge challenge?
OMGBTC recently had a near breakout from a double bottom w-pattern a few days ago (blue dotted lines).
It has since started to retrace (as is common with a double-bottom breakout), however, if it does in fact continue to break upward again, there is some interesting resistance right around the corner.
Since 2018, a descending falling wedge has been forming for OMGBTC that has forms a vertex right around the beginning of 2022. Hence there is a possibility for a rise up out from a double bottom breakout to reach up to this wedge in the short term. From there either another push back downward or a breakout can be expected, but it should be interesting which occurs with how soon is the date for the apex of the wedge.
It looks like OMGBTC might be a few weeks away from this point, but the direction change to challenge this wedge looks like it may occur in the next few days (if the trend does in fact head upward, as BTC Dominance has recently shown that BTC could also take over in this relationship soon, see my other post for details). Either way it looks to be another point to keep an eye on.
It has since started to retrace (as is common with a double-bottom breakout), however, if it does in fact continue to break upward again, there is some interesting resistance right around the corner.
Since 2018, a descending falling wedge has been forming for OMGBTC that has forms a vertex right around the beginning of 2022. Hence there is a possibility for a rise up out from a double bottom breakout to reach up to this wedge in the short term. From there either another push back downward or a breakout can be expected, but it should be interesting which occurs with how soon is the date for the apex of the wedge.
It looks like OMGBTC might be a few weeks away from this point, but the direction change to challenge this wedge looks like it may occur in the next few days (if the trend does in fact head upward, as BTC Dominance has recently shown that BTC could also take over in this relationship soon, see my other post for details). Either way it looks to be another point to keep an eye on.
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