- OMG/USD market has now been dominated by higher highs than higher lows in a range moving settings.
- The OMG/USD trade’s baseline defining the direction to the north has been observed at $1.90 mark, and any downward price movement to break it to the south could lead in getting the bears trapped afterward.
OMG/USD Medium-term Trend: Ranging
- Distribution territories: $2.20, $2.30, $2.40
- Accumulation territories: $1.80, $1.70, $1.60
The medium-term trend of the OMG/USD has now been dominated by a series of ups and downs in a range. Lately, the pair was in a bearish outlook. The OMG/USD market got exhausted while it broke briefly past a low point at $1.90 mark. The trading indicators are now trending east direction. The Stochastic Oscillators now bent to point towards the north at the touch of range 80.
The bulls now appear to have built up their foundation in the OMG/USD market. The $1.90 point is the baseline of any potential upswing of this crypto. An attempt by any downward movements could result in falling into bears’ trap at that price territory.
OMG/USD Short-term Trend: Ranging
There have been more notable higher highs than higher lows in OMG/USD short-term ranging trend today. Yesterday’s trading motions of the pair recorded the beginning of the current slight upswings of the market. Both the 50-day SMA and the Bollinger Middle Band now tightly move together towards the east direction. The Stochastic Oscillators slantingly head towards north-east near range 80.
In the short-term run of this crypto-trade, the bulls may be rejected a bit below or around $2.10 price territory in near time. The market may be for a while to continue to range prior to coming up with a definite price action that could give a clear-cut signal of the market’s direction.
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