OMG Possible Long Setup

21 thg 1

#OMG 🚀 Big Picture Price Update: January 21, 2024

Good news for OMG! It broke out of a downtrend and is now on an upward trend. In the long run, it could reach 6.27$.

Here are some positive signs from the chart:

A rising 20-day average, suggesting bulls are in control.
A bullish divergence between price and RSI, showing momentum for the bulls.
A bullish Engulfing pattern on the daily chart, indicating bullish control.
According to Elliott Wave theory, OMG might be in the early stages of a five-wave uptrend. This could mean another rise to $1.00 or even $1.50 before a wave 3 correction.

Key levels to watch:

Support: 0.8278 (breakout level).
Resistances: 0.9000, the 50-day average.
Overall, the OMG chart looks bullish. Traders, keep an eye out for buying opportunities at 0.725 or lower.

Quick thoughts:

Breaking out of the downtrend is a big deal. Bulls seem to be taking over.
Bullish indicators on the chart are promising, suggesting the uptrend may continue.
Remember, Elliott Wave theory is a tool, not a guarantee. OMG's actual movement depends on various factors.
Specific to Elliott Wave theory:

Wave 1 of the uptrend might end around $1.00. Expect a Wave 2 correction to $0.8278 or less. Wave 3 could then take OMG to $1.50 or higher.
Remember, this is just a possible scenario.