Namaskar LuckySevenTrader Community:

On the 4-hour Timeframe Chart for #OMNIUSDT , we observe a pattern that’s formed since October 15, 2024, after the price hit a peak of $10.56. This high led to a rejection that sparked a series of lower lows and lower highs, forming a descending parallel channel. Each time the price has approached the upper boundary of this channel, it’s been met with resistance and subsequently dropped back down to the lower boundary.
Recently, however, we’re seeing an interesting deviation from this usual behavior. Instead of rejecting from the upper boundary as it has in the past, OMNI’s price is now hovering near this resistance line without a sharp pullback. This sustained pressure against the channel’s upper boundary suggests that a breakout may be on the horizon—a classic signal for a potential upward move.
Based on my trading experience, when price consolidates at a major resistance without falling, it often means the momentum is building for a breakout. Given this setup, there’s a high probability that OMNI/USDT could break above the descending parallel channel and enter a bullish trend. This presents an opportunity to enter a mid-term long position with favorable risk-reward dynamics.
Trading Setup:
Entry Point: $8.80, once confirmed breakout above the upper boundaryStop Loss: $8.11 to protect against a downside reversalTake Profit Target: $12.26, aiming for a solid gain in line with a full breakoutRisk to Reward Ratio: 1:5, an optimal setup that minimizes risk while maximizing potential reward
Note: As always, I recommend waiting for a confirmed breakout above the upper boundary of the descending parallel channel before entering the trade. This adds an extra layer of security, ensuring the move is genuine and not a false breakout.
This setup has a promising outlook, but be sure to assess market conditions and consider other factors that may impact OMNI’s price movements.
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$OMNI