OMG appears to be trading in a channel since it formed an uptrend in December.
Looks like the bottom trendline of this channel is currently acting as support.
During the recent downward movement the 20ema has been acting as resistance, and along with the 50ema has previously been support in the upward movements in this channel.
OMG is currently getting squeezed between the bottom trendline and the 20ema, let's see which way it breaks.
Looking to buy on a breakout and 4hr candle close above the 20ema and see what happens. Waiting for a breakout above the 50ema would obviously be more risk-averse.
First target around the .50 retrace circa 0.0019 which appears to be a strong resistance level - looking for approx. 30% profit.
Second target top of the channel.
Looks like the bottom trendline of this channel is currently acting as support.
During the recent downward movement the 20ema has been acting as resistance, and along with the 50ema has previously been support in the upward movements in this channel.
OMG is currently getting squeezed between the bottom trendline and the 20ema, let's see which way it breaks.
Looking to buy on a breakout and 4hr candle close above the 20ema and see what happens. Waiting for a breakout above the 50ema would obviously be more risk-averse.
First target around the .50 retrace circa 0.0019 which appears to be a strong resistance level - looking for approx. 30% profit.
Second target top of the channel.