OMG Crown Reversal?

By Trader6127

Updated

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Here we go:

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I think the pattern is clearer in the OMGBTC chart:
tradingview.com/chart/CTSLKq3g/

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SOrry! This one:

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Here is the 4HR shot:

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Here is the OMGBTC chart:

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Alrighty, we are at the min fibo. We broke the secondary trend line...

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REMEMBER, ABSOLUTETLY NO BUYING UNTIL YOU HAVE A CONFIRMATION. This means looking for reversal patterns and having it confirmed with RSI. IF it doesnt jive with your chart, that also means you need a new plan.

Here is the OMGBTC perspective:

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We are at the purple line. We also blew past the 0.618 again like it wasnt even there. RSI is diverging on the 15 min:

But the 1HR does not show a nice divergence yet.

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We are now moving to the key fibo at $5.50. After that we will find the major trend line. :(

BUT BUT BUT!!! In the OMGBTC chart we are doing very well, relatively speaking XD XD XD

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New breakout confirmation lines

Trade active

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If you still wanna join the biig short :)

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We passed the 0.618 of the entire bearish swing. Interestingly, we did not hit the 0.618 in BTCUSD yet...I wonder how we should interpret all this data (*thinking emoji*).

Also, when I open leveraged shorts I get in with momentum and then put a stop at entry+commission.

Trade closed: stop reached

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NICE OMGBTC THREAD:

Trade active

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Nothing hardcore in the RSI yet.

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We could see A-C correction, then resume downtrend. Shorts should be closed if confirmation line crossed.

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Nothing until $7.34

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Still a downtrend...

Trade closed: target reached

Trailing stop ;)

Trade active

RSI is overbought and looks like a sell signal.

Trade closed: target reached

Sorry didn't update this. Closed at 8.50

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I'm back! Here's how you could play this out. We are at the sub-sub fibo resistance. You have the sub-fibo resistance above and a downtrend line, etc. I think market will reverse soon.

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WE've been hanging around here for a few hours. Turning around like this just after visiting the sub-sub 0.618 seems bearish. The other charts (OMG and BTC) look that way too.
1HR

15MIN

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New thread:

OMG Crown Reversal: Wave 2 Consolidation or Deep Correction?

Trader6127

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