}
Hey friends hope you are well and welcome to the new update on the OMG network. Before moving to the OMG live chart I would like to show you some of my previous prediction based on the harmonic patterns after watching these charts it will be easy for you to understand today’s analysis. If you have an account on tradingview then you can also play these charts to see how perfectly these ideas have been executed.
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Below are some of my previous predictions based on the harmonic moves:
Bitcoin Gartley move has produced more than 83% sofar:
Click here to visit this old article on tradingview
Bitcoin cash Gartley move has produced more than 36% sofar:
Click here to visit this old article on tradingview
XRP Butterfly move has produced more than 45% sofar:
Click here to visit this old article on tradingview
Cardano Shark’s move has produced more than 460% sofar:
Click here to visit this old article on tradingview
Tron Shark’s move has produced more than 312% sofar:
Click here to visit this old article on tradingview
NEO coin Shark’s move has produced more than 238% sofar:
Click here to visit this old article on tradingview
IOTA coin Butterfly’s move has produced more than 160% sofar:
Click here to visit this old article on tradingview
The purpose to show you some of my previous harmonic patterns is to prove with evidence that how the price action follows these patterns and how much these targets can be achieved realistically.
XVG Shark’s move has generated 122% sofar:
Ok, this XVG harmonic move is very much similar with the harmonic move that the OMG token has made this time. I posted this chart in July 2019 almost a year ago when the price action of the Verge coin entered in the potential reversal zone of this Shark pattern. As per Fibonacci sequence of bullish Shark I predicted that it would be moved up from this PRZ level. But due to BTC dominance in the month of June to July 2019, the price action of XVG broke down the potential reversal zone. Very soon the price action recovered and entered the potential reversal zone again. But from Feb to March 2020 when all the markets were crashed the price action of Verge coin followed the international market trend and again moved more down but the priceline of XVG again recovered and so far it has produced more than 540% bullish rally from down to the top and if we calculate from the maximum extent of the potential reversal zone up to the highest spike then it has produced 122% sofar.
Click here to visit this old article on tradingview
The Shark’s move of OMG network:
Now I would like to show you the OMG chart that I published last year in April 2019. When the price action of OMG completed the bullish Shark pattern and entered in the potential reversal zone. Then same as the XVG coin from June to July due to Bitcoin dominance the price action broke down the potential reversal zone and we have also seen the downtrend from Feb to March 2020 as well. But now again it has recovered and rallied more than 1000% from down to the top and if we calculate this rally from the maximum extent of the potential reversal zone to the highest spike then it has surged more than 260% so far.
Click here to visit this old article on tradingview
The movement in up channel and bullish signals:
Now if we switch to the daily time period chart then it can be easily observed that from May 2020 to August 2020 the price action of OMG network was moving in a down channel. If we place the volume profile on the complete priceline moving within this channel then it can be easily noticed that we had the very weak interest of the traders at the support and strong interest above the resistance of the channel. That was a very strong bullish signal. If we take a look at moon phases indicator then in July 2020 the new full moon appeared at a very high altitude and big distance from the resistance of the channel that was another bullish signal.The point of control of volume profile was also above the resistance but if we watch the new dark moon then it appeared below the support that was signal for the downtrend. But if we take a look at the RSI oscillator then it was already in the oversold zone. Therefore we can ignore this bearish signal of the dark moon because due to the oversold condition of the relative strength index and the bullish signals of volume profile this bearish signal was weak. And finally, priceline followed bullish signals and broke out the resistance of the channel.
The SMAs and EMAs:
Now if we place the different simple moving averages with the time period of 25, 50, 100, and 200 then the price action has broken out all these moving averages. At this time the priceline is getting retraced. Now there are two possibilities.
- The price action may retrace up to any of these simple moving averages to use them as support because without the support of moving averages it is difficult for the price action of any asset to continue the uptrend.
- If we watch the exponential moving averages with the time period of 10 and 21 then the price action is already at the support of these exponential moving averages. Therefore the second possibility can be that the priceline will use these EMAs as support and form a new up-channel from here.
SMAs:
EMAs:
Conclusion:
Even though the price action has broken down the potential reversal zone of bullish Shark pattern. But there was some bad market situation behind that, otherwise, the pattern is still valid and my targets for OMG remain the same that I posted last year as below:
Buy between: 0.000604 to 0.000230 btc
Sell between: 0.001079 to 0.001977 btc
At this time the OMG token is being traded with the largest volume on Binance exchange therefore if you don't have an account on Binance then click or copy and paste below link in your browser to create your account to trade OMG and many more digital assets: