Hello Everyone
First of all, all of my analysis are for educational/study purposes only and should not be taken as an investment advice.
Back in late February, OMG significantly dropped thanks to BTC sell-off and had a hard time to recover. However, once the price reclaimed 4.7830 level, it immediately began consolidate between local supply and demand zone and later on managed to breakthrough the 5.3940 area and visited the supply zone above(6.2167) and got rejected. As long as price manages to hold above the 5.3940 level, buyers will try to reclaim 5.8375 level first, then the supply area located above. If the price manages to close above the supply area, then it'll be a strong indication of bullish signal. However, if the sellers gets aggresive and the price loses 5.3940 area, then the most logical support level would be the breakout level, which is located below the support. And if that one gets lost, gray area will be the defense line of buyers.
First of all, all of my analysis are for educational/study purposes only and should not be taken as an investment advice.
Back in late February, OMG significantly dropped thanks to BTC sell-off and had a hard time to recover. However, once the price reclaimed 4.7830 level, it immediately began consolidate between local supply and demand zone and later on managed to breakthrough the 5.3940 area and visited the supply zone above(6.2167) and got rejected. As long as price manages to hold above the 5.3940 level, buyers will try to reclaim 5.8375 level first, then the supply area located above. If the price manages to close above the supply area, then it'll be a strong indication of bullish signal. However, if the sellers gets aggresive and the price loses 5.3940 area, then the most logical support level would be the breakout level, which is located below the support. And if that one gets lost, gray area will be the defense line of buyers.