OMG (OmiseGo) tunneling - linear continuation
Updated
Like the previous OMGUSD channel from my analysis begin of March following up played out perfectly (see tradingview.com/chart/OMGUSD/GVekyKpr-OMG-OmiseGo-tunneling/), we can see OMG now opening a new channel in a sideways progressing.
Thus I'm keeping the exact same downtrend channels on the linear 4h (purple dashed) extended to the right, while further fully capturing the last channel.
Resistances to keep an eye out on next development:
- 200 EMA confirmed support/resistance indicator (dark rose)
- 78% fib retracement (nearly falling together with the 200 EMA)
- further intact macro channels (blue solid)
- long term uptrend (green solid) - pierced/weakended at Feb-6 + dumped at March-14 = acting now as resistance
- purple channel's new end - a subsequent upbreak of the current purple channel at the $13-14s could send OMGUSD directly to the end of the blue macro channel in the $16-17s, followed by a common trend resistance in the 18s (green dashed)
Thus I'm keeping the exact same downtrend channels on the linear 4h (purple dashed) extended to the right, while further fully capturing the last channel.
Resistances to keep an eye out on next development:
- 200 EMA confirmed support/resistance indicator (dark rose)
- 78% fib retracement (nearly falling together with the 200 EMA)
- further intact macro channels (blue solid)
- long term uptrend (green solid) - pierced/weakended at Feb-6 + dumped at March-14 = acting now as resistance
- purple channel's new end - a subsequent upbreak of the current purple channel at the $13-14s could send OMGUSD directly to the end of the blue macro channel in the $16-17s, followed by a common trend resistance in the 18s (green dashed)
Trade active
First 3 resistances 4H closed above:- 200 EMA (some recent significance)
- 78% (less significance)
- enter into macro (cautious Daily close)
Closes above the current resisting long term trend (green solid) have more significance, then we likely see a test of the upper macro channel (blue). Without that, we're more likely to see down-tests of the former levels, though they are tight, and sidewas trading within the purple channel.
Trade active
Full macro channel playout.Finding resistance on the longer downtrend.
Next needs to be seen if OMGUSD find support above the new channel + the major-macro uptrend, or if we saw a macro bull trap, indicating (again) an too early #ALTSeason start. Though, volumes start to get up interesting all over ALTS ...
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