Here we have OMG/BTC on the 4H chart.
Price has been having a nice up move since it had an oversold leg. Buyers have taken the opportunity to buy the oversold at the bottom and hold for a retest of at least the at 0.00076000.
On the 4H chart, price had a clear correction to the Fibonacci key retracement support at 0.00063500, and since has been up moving.
Price looks like it is in a 3 wave minor move, with the correction at the resistance channel. So we have a target that makes logical sense.
The recent bottom was clearly accumulation (A trend bottom and sideway movement in a tight range before an explosive move), and I plan to monetize on this with this trade.
For now, the pullback has been the earliest opportunity to buy into what looks like the beginning of an at least intermediate term uptrend.
I will be updating this analysis as it progresses.
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