- The medium-term run of OMG/USD market still runs in a range under the sell signal line of the 50-day SMA indicator.
- Any reversal bit of a spike in the oMG/USD trade operations presently could result in letting the bears have a better advantage of the market.
OMG/USD Medium-term Trend: Ranging
- Supply levels: $2.20, $2.30, $2.40
- Demand levels: $1.80, $1.70, $1.60
A line of range price movements still persists in the market valuation of OMG/USD in this week’s medium-term run. The range movements have been mostly occurring around the trend-lines of both the Bollinger Middle and Lower Bands as they move eastwards.
The 59-day SMA has just been touched from below. And, the Bollinger Upper Band is a bit located over the SMA trading indicator. The Stochastic Oscillators have managed to dip into the overbought zone to expectantly consolidate around the zone for a while.
Being as it is, the bulls are equally expected to capitalize on the presumed consolidation movements afterward to make a further upswing beyond the present range trading zones marked between $2 and $1.80 points.
OMG/USD Short-term Trend: Ranging
Today’s OMG/USD trade’s activities have been seeing a chain of higher lows than higher highs above the trend-line of the 50-day SMA indicator. The pair, during its yesterday’s trading period, witnessed a relative increase after managing to spring from a lower convergence point of the Bollinger Lower Band to touch a high value at $2.05 mark.
The Bollinger Bands are all now located over the SMA indicator. The Stochastic Oscillators have slantingly bent downwards near range 20.
$1.95 horizontal market line seems to be the real immediate pivotal point to nullify the bullish sentiment of this crypto-market if eventually broken downward with strong force from a correction of a fake spike.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
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