It appears OMG is in a correction wave B. We should expect to return to the $12 level, where profit taking is likely to occur. The performance of this asset is recognized, and Wave B may continue without further sideways trading. The data does not support this pattern, and we are likely to see wave C, D, and E. I am very bullish on this coin, as it appears we are in sub-wave 2 of a larger structural wave 3.
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Intense bullish divergence on the RSI. This could finally be the end of Wave A.
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This market has proven it is dependent on market conditions set by BTC. We need to wait for the "fake" bullish rally that will take place in that market, and book as many profits as we can in the OMGUSD pair. I am now betting on Wave B ending, and Wave E possibly taking us below the ATH level.
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We could dip one more time to cross the purple line, which initiates wave B.
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Here are your hidden resistance lines. Watch the hourly RSI for wave B reversal.
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Caution, we are testing the red zone and I am expecting a breach of this zone for a deep A - E correction. If we pass $5.60 there is no easy way back.
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I am expecting further down to the 0.5 fibo at most ($6.50).
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Data shows the following scenario is possible. Watch for RSI divergence and the double bottom. You will want that "higher low" formation, then I would buy. This would finally be the beginning of correction wave B.
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Caution:
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Looks like we double topped here. BTC may be gearing up for an inverse H&S. If so, the OMGUSD chart will brighten up with a move to correction point B.
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If you look at the OMGBTC chart, you'll see what appears to be a triangle consolidation unfolding. This market is resilient, and does not demonstrate what the news is reporting... a crypto "crash". They have no idea what they are talking about. Now, the OMGUSD chart is reflecting losses being made in the BTCUSD chart, but again, we are in a consolidation, not a crash.
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THis is a good place to get out of your long positions
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We made a stellar come back in correction wave B.
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We formed a new ATH. SOOO, I would say we have not yet seen the A - E Correction. This is good as it will offer entry positions. For now, lets try to catch the bottom of wave A. I will start a new thread shortly.
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After reviewing the data more comprehensively and paying attention to movement in the BTCUSD pair, there is a possibility we are seeing the formation of a crown reversal in both the OMGUSD and OMGBTC charts. I will not get into the details at this time, but I have posted a new thread about this. If I get further confirmation that we are following this pattern I will get into the gritty.
