・Even though the price movement is as expected …
OMG / JPY Daily Bid Chart (created from DMM Bitcoin trading tool)
The figure above is a chart showing the saucer bottom
on the OMG / JPY chart (based on our MID closing price) from May 8, 2021 to the present.
* Saucer bottom: A plate-like shape (flat) that occurs in the low price range. It is a chart pattern formed when the price starts to show an upward trend from a downward trend, and indicates the possibility that the trend will change from a downward trend to an upward trend.The latest OMG / JPY is our report on 8/26 (Daily Market Report 2021/08/26 “OMG, is volume increase a precursor to the big market?”),
The price movement was consistent with the content explained in “Rise scenario: Will the saucer bottom be completed and continue to grow?”Specifically, the saucer bottom was completed by breaking through the neckline of 775 yen on 9/5. The next day, on 9/6, the strong rise continued, and it temporarily increased to 1,095 yen.
From the neckline breakthrough to the high price, it drew a sharp rise of about 40% in just two days.After that,Due to the plunge in the crypto asset market as a whole on 9/7, OMG / JPY also fell, temporarily falling to the point where the turning point of 700 yen was about to fall.
bottom. As of 9/8, it seems that they are looking for a sense of direction in the 700-800 yen range.
What will happen from here?
First, let’s check the volume and price movements introduced in the previous report.
The insights and interpretations of this article are by the author and do not necessarily reflect the views of Cointelegraph.
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