OMGUSD Trade setupHello everyone, I know this is different from my usual style of trading, but I figured that since I am doing so well in the stock and currency markets, I would like to test my skills in the Crypto markets, A.K.A the wild west. Fun fact, crypto is what brought my into technical analysis, so it holds a special place in my heart, but it has been a year since I've touched it so forgive me if I'm a little out of sync with the market.
Elliottwave analysis: I strongly believe that we are in the last wave of a 5 wave move to the downside. As you can see from my chart, we have made a very impulsive move to the downside, the wave three rebounding almost perfectly off of the 1.63. This perfect rebound is something to take note of for future charting. I am curious to see if crypto will bounce off of the technical resistances a lot more accurately than a stock. In addition to this, we are contained in a BEAUTIFUL channel. I am aiming for the 2.0 extension of the wave 1 which is conveniently the 0.5 extension of the waves 1-3-4.
Moving average analysis: On the thirty minute, take notice of how the 4th wave seems to have bounced hard off of the 200ema. This leads me to believe that we are still not done our move to the downside, and it likely marks the end of the wave 4. In addition, take into account how on the 30 minute, the 55 ema is crossing over the 200 ema, which is a huge bearish sign.
Macd analysis: The macd is really testing me for this trade. I can see that on the one hour, although it hasn't crossed their is some bullish divergence on the histogram, indicating a cross might be on its way. Although, I strongly trust my wave count for this coin, and that we will see a rebound off of the 14 moving average for the macd.
RSI analysis: The RSI isn't telling me a bearish or a bullish story. Right now it is in bearish territory, but there is nothing that screams bearish. Judging by the 45 minute, I think that we will see the fifth wave down, but this will show us some bullish divergence, meaning that the rsi probably won't go below the previous low. If the divergence does appear as we hit the wave 5, I immediately recommend taking a position to the top side.
All in all, the trade setup is as mentioned:
Target: 3.6069
Stop loss: 3.81
R:R is 3.04!!!
OMGUSD trade ideas
ETH fee expensive lose VS Who buy OMGnumber 1. omg eat volume from crypto another such as BTC, number 2. USD do give crypto down according crypto/USD not OMG, now coin another will buy OMG Plasma Network go use not no, by buy pay enter OMG do give volume add, part at USDT not yet pay buy OMG Network 100% because ?
OMG is overbought, short term correction paves the way to shortsDisclaimer: This is not financial advice
In high leverage trading your entry is a matter of life or death, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we fight for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade!
OMG has done a lot, aside from the significant rally since March it also broke out of a 3 year bearish channel entering price discovery. Anything can happen here however we as traders have to look for cues to assess risk and identify opportunities where to position ourselves. 9.3 was a clear short opportunity, now we are pretty much in no man's land. I do have a bearish bias though for a few simple reasons. First of all we are still very close to the 9.3 resistance so RR favors bears, then indicators show that we are in deep overbought territory while the multi year upper trendline of the bearish channel still hasn't been retested. I believe a retest, even shallow, is in the cards. We could see 1.4-1.5 in the mid term. In the meantime however we are probably either going sideways or moving slowly/quickly lower. Sideways is a risk for those looking to open high leverage shorts so to handle this we try to identify the limits of a potential channel and based on that spot entries for high leverage shorts and longs. It is worth noting that a bullish retest of the 6.72 area seems to be failing so this area remains resistance and creates an important shorting opportunity:
Entry: 6.75-6.87 SL:7 TP1: 4.74 TP2: 3.87 TP3: 2.7
OMGUSD: Good opportunity for LongAt 4H, the cloud is directing upward, indicating an uptrend. At H1, the cloud is directing downward, indicating a price correction at the 4H timeframe.
Besides, RSI is at the oversold level, which indicates the weakness of sellers, and also a divergence has formed between the price and RSI.
We recommend buying OMGUSD now with a stop loss at 5.3 and take the profit near the level of $7,5 - $8,2.
OMGUSD 15MOMG looking for a couple of fibb patterns, target is 14.6/62.8 on the fib retracements, overall looking for a drop back down towards 3 dollar range, unless it can break out of the unconfirmed pattern on the grey retracement.
Bitcoin is trying to break out, but if it breaks down that would halt any more progress omg makes.
Bitcoin 15M
Bitcoin 1H
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This is not financial advice
Time to accumulate OMG so you can say "omg" when it moonsIf the bull market prophecy comes true soon like every other post halvening rally, OMG should start a mission to the heavens later this year. Whichever direction the trend goes to around the pivot point is the macro trend untill the next pivot which could be a continuation or a reversal. I would bet the next pivot will be a massive rally upwards.