The_Bro_Analysis
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The_Bro_Analysis
OMUSDT is nearing completion of its bullish flag pattern, with the following confluence:1. FVG Gap filled in confluence with .386 - .5 fib retracement level.2. Decreasing volume on a pullback3. Daily Stochastic RSI has bottomed out, and is about to flip towards the upsideAlso, metrics show:4. Margin long/short ratio on Spot steadily increasing from a low of 0.02 last Feb. 24, and is currently at 1.04 (borrowed long > borrowed short)5. Futures long/short ratio increasing, currently at 0.62 from 0.17 last Feb. 166. Decreasing on exchange supply with significant Spot OM token withdrawn from exchange in the last weekThings to note:7. Daily RSI is been cooling down, currently at 52.99 from an Overbought level of 77.21 last Feb. 23 during ATH price of 9.1051, signaling a continuation of uptrend8. Daily MACD is currently bearish, with increasing strength, supporting the current short term pullback.If the price of OMUSDT will breakout from its current bullish flag pattern, next target is set at around 12.24 - 13.14, between the height of the current pole and extended fib level of 2.618https://www.tradingview.com/x/ILaJrF6P/
The_Bro_Analysis
OMUSDT is currently doing a bullish pennant pattern after an explosive move from 1.67 area. A break of this pennant could send OMUSDT price parabolically to around 6.40 - 6.80 area, measured using the length of the pole in confluence with 2.618 fib level.In a typical retrace on a continuation move towards the upside, volume tends to dry out, signalling that a move may be due sooner than later. In futures, OMUSDT.P O/I continue to hover around 14M which is a good sign given the sentiment of the market towards premium RWA projects, with a positive L/S ratio.On the flipside, a break of the lower level will only continue the current ranging move of OMUSDT towards 3.30 - 3.50 area.Given that the market is still focusing on BTC, OMUSDT will continue to move in a laggard fashion, therefore there is still time to find a long entry near 3.55 - 3.63 area. Once money shifts towards alts, this will propel OMUSDT to new ATHs.As always, manage your risks. GL! - JDTarget already reached. Already completed the bullish pennant pattern and exceeded the target range.
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