OMG / BTC technical analysis [BINANCE]

By MrBullishSail | TA crypto market | 5 Jun 2019


OMG seen from the temporality of 1D we can see the setup of a symmetrical triangle, the diagonal bull has formed two minima with bullish inclination, signal of a greater force on the part of the bulls to reverse the current trend, we could see that the candle touches a third time the diagonal or only that enters the area of demand indicated in the chart within a gray rectangle, that new point should push the price up to achieve the break of the figure and reach our first take profit located within the price range of 309 – 315, our second take profit as we see in the image above we have located at 414.


OMG seen from the temporality of 1W we can observe from a broader perspective the bullish movement of the most recent sm candles, we can also see that there is a bullish divergence in relation to the RSI indicator, this tells us that as the price has gone down, the buying force has increased what we can see reflected in the setup formed.


OMG seen from the temporality of 12H we can clearly observe how there is a correct accompaniment of volume during the contraction of the candles inside the triangle, something important to take into account in this graph are the EMA drawn in the image, I have pointed out inside a circle the previous zone where the cross of the EMA of 9 over the 63 and 100 periods took place, provoking with this a strong bullish movement, in the figure in which we are at the moment we can observe how we are close to that cross happens again.


OMG seen from the temporality of 4H we can observe how the price has remained within the ascending wedge in the minor figure, as we see the price is about to enter a change of trend, it is possible that the price touches once again the bullish diagonal of the symmetrical triangle to take the force necessary to reverse the movement.

In conclusion, it is very possible that the price consolidates between the zone marked inside the grey rectangle and the digonal bullish one where it should find the necessary force to impel the price to the rise, it is very important to be attentive to the movement inside the temporality of 1D and to wait to the closing of the session to have a confirmation of the movement, in 4H many times we have closings below a diagonal bullish that in relation to the temporality of 1D there is no closing outside the figure.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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