Crypto Update: Has Oxygen (OXY) started a new move higher?
Hi traders, today we’re looking at Oxygen or OXY. The focus is on the current up leg that started on the 24th of January and, for now, continues to gather upward momentum.
This market update is going to solely focus on the current technicals we’re seeing below on the D1 chart. Looking back, we saw one hell of a clean downtrend after the first break lower from what looks like an ending diagonal pattern. That trend lower is a classic example of a downtrend you really don’t see many that straight over that type of timeframe very regularly.
Moving to the present we can see an exhaustion bar and a failed low, buying momentum looks to have fast-tracked after those two came in. Since the failed low, buyers have jumped into gear recording 7 increases out of 9 sessions including today and today buyers held a 24% gain at one stage. On top of the failed low, we also like the fact that we can see a V reversal pattern in play atm. these can be a prelude to strong upward momentum.
The key for us moving forward is the next pullback. We want to see a quick pullback 1-3 bars max that’s quickly chewed up by buyers and new highs are hit. This could indicate that the current leg higher could be looking to form a new medium-term trend.
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