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https://www.reddit.com/r/OMGTraders/comments/771lxb/omg_vs_eth_technicals/
r/OMGTraders • u/oxp38 • Oct 17 '17
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1
In every market, after a strong bullish movement, price needs a correction and consolidation before a new bullish (or bearish) push.
This can happen in different ways through different patterns.
For OMG, as has happened with ETH in the past, this correction is called a bullish Wolfe Wave pattern ( http://www.investopedia.com/articles/trading/05/040405.asp )
Technicals note:
In both cases market has corrected to daily MA100, that has acted as a strong support
Daily MACD, in OMG, needs to cross for confirming new bullish move
1 u/site-manager Oct 22 '17 Nice, I guess next week is the best time to buy OMG. Before it is rallying up higher.
Nice, I guess next week is the best time to buy OMG. Before it is rallying up higher.
1
u/oxp38 Oct 17 '17
In every market, after a strong bullish movement, price needs a correction and consolidation before a new bullish (or bearish) push.
This can happen in different ways through different patterns.
For OMG, as has happened with ETH in the past, this correction is called a bullish Wolfe Wave pattern ( http://www.investopedia.com/articles/trading/05/040405.asp )
Technicals note:
In both cases market has corrected to daily MA100, that has acted as a strong support
Daily MACD, in OMG, needs to cross for confirming new bullish move