commonretrace

Equitable Setup OMG/BTC Confluence

Long
COINBASE:OMGBTC   None
OMG/BTC is developing a lot of confluent signals right now.

First, on the daily:
- MACD bullish divergence ushered in a nice rally showing bullish convergence on the follow through
- Peak of rally formed X on a potential bearish crab or butterfly harmonic pattern
- A and C of harmonic have the potential to form the third rising valley, ushering in the C to D wave
- C on the harmonic corresponds to a historical support/resistance where the chart made a major peak in a previous cycle

Then, on the 4 hour chart:
- Bullish divergence on both oscillators (RSI & MACD) ushered in the A to B wave of the price harmonic
- Heading towards C about to go negative on MACD, looking for a negative peak of MACD island at C for a mostly positive C to D wave

I think trading C to D is very equitable and I will be setting:

Entry: 0.00017832 - 0.0001975

Stop Loss: 0.00017347

Take Profit #1: 0.00023607

Take Profit #2: 0.00024624

Take Profit #3: 0.00027349

Take Profit #4: 0.00033471

This is not financial advice and I am basically an idiot fingerpainting. I'm not at all telling you to do what I do.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.