OGNBTC | Trade Setup | Support Confluence | Trend Continuation

OGN BTC

Today's analysis – OGNBTC – Continues its upward momentum as it holds support at key level.

Points to consider:
- Support Confluence (key Level)
- .618 Fibonacci retracement
- 55 EMA (visual guide)
- Low Volume
- RSI breaking above 50
- Bullish Stochastics

OGN showing signs of trend continuation as price respects daily support in confluence with the .618 Fibonacci retracement.

Price respecting the 55 EMA allows for an additional layer of support. Holding above the MA is bullish, supporting the bias for a trend continuation.

Volume has been declining and remaining below average. Historically, an inflow of volume has coincided with bullish price action, indicative of an influx being imminent.

RSI breaking above 50 indicates increasing strength in the market. Stochastics projecting up, breaking the 50 level is indicative of increasing momentum in the market. Both oscillators need to range and hold above the 50 level for a bullish continuation.

Overall, in my opinion, a long trade is validated with a conservative technical target of local swing high with risk defined below daily support.

What are your thoughts?

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