🔥 OG Optimal Fibonacci Reversal: 20%-40% Gain Potential

29 апр. 2023 г.

OG was a major winner at the start of April, where it made a 6x in a matter of a few days. Since then, this token has been trading highly volatile and giving ample of opportunities to traders.

After failing to make a new high on 23-04, OG has been in a selling-only mode. Going long here will most likely result in a losing trade. However, a strong short-term bearish trend after a pump like this gives us opportunities to scout for an oversold bounce.

I'm waiting for two things:
- The price reaches oversold on the RSI on either the 4H or 8H timeframe.
- The price reaches the yellow area around the 0.618 Fibonacci retracement, which is also a major support.

The above will give us traders an edge. Looking at the 0.5 (20%) and 0.382 (40%) Fibonacci retracements for potential targets.