The sets us with a MIN TP of $14.40, MID TP of $18.14, and a MAX TP of $20.58
The crown reversal could push price as low as $4.59.
Key levels to watch to the downside:
- Trading range support at $6.93
- A breach of the flag to the downside could unlock the pattern, with institutional buying or selling at $6.49 (fundamentals and market conditions support buying at the moment).
- Major key fibo support at $5.43
Key levels to watch to the upside:
- Key fibo resistance at $9.26
- Fibo resistance sell zone between $10.96 to $12.16
- All-time high at $13.70
This is literally a minefield so trade with care and take you time…GLWT. As always, I'll be updating this thread and posting trades.
We are doing better today, but I've got it moved to risk free again...so...lets see what happens.
If we breach the major key fibo level (0.618 of the bearish swing) it is unlikely that we will set new all-time highs in this pair until we see a deeper correction. SO...if we are hoping for a structural wave 3 in OMGUSD we will need the strength to flow from BTCUSD and that means a return to some kind of mimicry. We will also need to pay attention to price action around the major fibo int he OMGBTC chart closely. That's all for now.
Still no breach of the major key-fibo here
Trading range resistance is still in play here
Harmonic/fibo extension targets are next in the other chart
RSI is making a sell signal here
Major key fibo just got punched again,
We still have the structural falling wedge: Next trading range support is at $6.5, followed by an hourly fibo extension at $6.
Half a year is a long time in crypto. Btc went more then 500% this year.
Converted shorted omg for btc will look for nice entry back into omg in the future.
Thanks for the analyses and updates.