As of now, OM/USD is trading at $1.2170. On the 4-hour chart, the price is above the 200-period moving average (MA) at $1.0873, indicating a bullish mid-term trend. The RSI is at 56.64, showing the market is in the neutral to slightly overbought territory, and the MACD is displaying a bullish signal with positive momentum. On the 1-hour chart, the price is also above the 200-period MA at $1.1821, indicating a bullish short-term trend. The RSI is at 56.59, and the MACD is showing signs of a potential bullish crossover, indicating short-term bullish momentum. The price shows strong support around the $1.10 - $1.15 range, which aligns with historical levels of accumulation and distribution. Resistance levels are identified at $1.34 and $1.38.
Bullish Scenario: If OM/USD maintains support above the $1.18 level and the MACD on the 1-hour chart confirms a bullish crossover, this could signal a potential entry point for scalping. A sustained move above the 200-period MA on the 4-hour chart, with continued bullish signals from the MACD, would confirm a continuation of the mid-term upward trend. A breakthrough above $1.25 would be particularly bullish, confirming a potential run towards the next resistance levels around $1.34 and $1.38.
Bearish Scenario: In contrast, if OM/USD fails to hold above the $1.18 support range and breaks below this level, it could indicate further downside potential. A bearish crossover on the MACD on the 1-hour chart would support this scenario. In the mid-term, a sustained move below the 200-period MA on the 4-hour chart would confirm a bearish outlook. A drop below $1.10 could signal a deeper correction, potentially targeting support levels around $1.00.
Disclaimer: This analysis is provided for informational purposes only and does not constitute financial advice. Cryptocurrency trading involves significant risk, and you should consult with a qualified financial advisor before making any investment decisions.
