Ocean Technical Analysis Update - Week 36
After yesterday's sell off, Ocean found support at an important level that it had not yet retested since its breakout.
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Summary
Previous Analysis
EMA 100 & EMA 200 (Daily)
Fibonacci Levels
VPVR & POC (Weekly)
Weekly Plan
5.1 First scenario
5.2 Second scenarioBTC Pair
Overall
Give Away
Previous Analysis
In my last technical analysis on Ocean, I talked about the weekly support that had been recovered. From here, Ocean continued its run to reach $1.10 where it found major resistance. If you’re checking the market every day, you know what’s happened yesterday. Big market crash.
Ocean is now at $0.74 and in my opinion, on a good support area.
EMA 100 & EMA 200 (Daily)
Theses EMA have been important in the past as they acted as resistances. Today, they are acting as support, and to be honest, a very important support with a confluence on an important Fibonacci level. Below, you can see the confluence between theses indicators.
Fibonacci Levels
Here is the level that I talked above,0.236 fib at $0.7045. This level is very important because it acted as resistance three times. Furthermore, it has never been retested as a support and this is exactly what Ocean is doing right now.
VPVR & POC (Weekly)
Now you can see how this level is important and I think, it’s a reversal level. Above, we can talk about a new ATH. Below, This breakout was a deviation with an lower high..
If $0.70 area can’t hold, the next support should around the POC (red-dotted line) in the $0.5s.
Weekly Plan
First scenario:
EMA 200 (H4) / $0.8 retest
Consolidation below followed by a breakout
Continuation toward the next fib who’s acted as resistance past week at $0.94 (0.382 fib level)
Second scenario:
0.236 fib can’t hold
Bearish retest with and flipped as resistance
Continued downward movement towards $0.60 and even $0.55 (Weekly POC) to find support
Note: Like many tokens right now, Ocean is deeply oversold on many timeframe. I expect a market (relief) bounce soon, but $0.80 could a the next major resistance and we can also see a bearish retest there.
BTC Pair
Do you remember of this monstrous bullish pennant on HTF for the BTC Pair? Guess what, after the breakout past week, Ocean is retesting it. The breakout was stopped out by the EMA 100 (3D) and yesterday sell off push the price down and Ocean found support on the previous resistance of the pennant which meets the EMA 200.
1600 sats is the level to hold. If it failed, this means that Ocean is likely to re-enter its previous pennant and the next support zone will be around 1350 sats.
Overall,
I don't know if you have ever experienced anything similar to what happened yesterday in the crypto market, but we are not out of the woods yet. We'll have to wait a few days for the dust to settle before we can see where we're going.
As usual, Ocean under $1 is a good buy in the long run. I can't say this enough, but be patient and you will be rewarded. Ocean is a slow mover but for me it will follow the same path as ChainLink over the last few years.
Give Away
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