OMG/BTC lets play some bounce

BINANCE:OMGBTC

OMG has been bleeding out after the pump due to hardfork news.

Entry is favorable at the blue box area
SL: Below previous support
Targets: Fib extension levels of
61.8%, 100%.

TA
- Bullish Divergence on 4hr,6hr
- Falling Wedge

İşlem aktif:

Entry 1 hit

A strong bounce followed by a sell off and candle closing below the wedge. Could have more selling pressure as RSI levels are not oversold.

Have buys layers till stops.

Yorum:

Traded aggressively downwards followed by an impulse upwards movement.
It is important to see what the next few candles print if this area becomes a resistance and we might see further downside.

Look like a stop hunt to wipe out any longs with tight stops.