OX in a three-drive pattern
OX is one of the rare coins that continues to grind higher bearing in mind overall bearishness of the crypto market. The coin has pushed higher above the previous swing high and it is now correcting in order to get more support for the next wave higher. It looks like the OX is creating a bullish three-drive pattern that points out to more gains in the future. In essence, the price returns to the 61.8% retracement after the first drive. Similarly, the third wave should start after the second wave is finalized with another 61.8% retracement. Currently, it looks like the second the coin is in the second correction after which the third drive shall start.
If this is the case, watch for the reaction from the 61.8% level before continuing higher. The RSI on the H4 chart is also pointing towards a retrace to lower levels before continuing higher.
If this is the case, watch for the reaction from the 61.8% level before continuing higher. The RSI on the H4 chart is also pointing towards a retrace to lower levels before continuing higher.
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