Based on the 4H chart we can see a double top chart pattern. It belongs to a reversal group of chart patterns. We should expect for downward movement to 5.5000 level at least. This is a support level which can stop and reverse the market. Also the uptrend line is an additional support in this zone. We must be ready to open long trades based on a confirmed reversal signal. Stop orders must be placed below the local swing low. If the market drops below 5.5000 level, we'll get a confirmation of the double top pattern. The market will drop to 3.7000 support level. If the market bounces from this level, it will be a new trading opportunity.
@vpresident, I think any good news will shoot the price upwards. TA is based on the pattern we saw so far
mitarcher
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@DLavrov, is it more helpful to look at OMGUSD than OMGBTC? Just curious what the difference is in analysis
matols
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cool, very stable for the support level, uptrend line and price. the resistance level become new support level by break in later on
mrdotcoza
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You are quickly becoming my best friend! Great call on NEO the other day. I didn't take the trade because worries about BTC pullback and what effect that would have but am watching closely!
dimisus
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Forming ascending triangle .... probably accumulating for up movement ?
luftmensch
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Hi. appreciate the analysis. what software are you using to generate these charts?
penaf
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@DLavrov hi, is posible could you please create one for IOTA? It is moving very fast from .25 to .91.
pradyumna1983
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@DLavrov , Your charts are very helpful. I have a question. If the volume is more in the Second top than the First Top, can this be considered as Double Top? Learning from the Master :)
Source: twitter.com/omise_go/status/897089480128999424