OMG Trade Oppertunity
Updated
OMG has bled along with many other alts over the last few days, meaning it is a great time to pick um some profits. It looks like we are about to see some bullish divergence on the 4H chart, which could signal the beginning of the next bull run. Personally and naturally I think we will see some consolidation first, meaning it is a great time to make some scalps.
To enter this one I'm looking for a few things:
1) A bounce from the 0.0014125 support line, which it looks like it has done. We may see a retest of this, and if it can successfully do it again we can confirm that as a strong support line
2) The MACD SMAs to create bullish divergence by crossing over above the last bottom crossover, if this happens I will be confident that we have started a consolidation period
3) The RSI to cross above the line (about 42), and if it can stay above it then I will be bullish on OMG
The profit target may be a little high as there is a bit of a sell wall at 0.002, so if it struggles to break that I may decide to take profits here
I've set a very tight stop loss as if it falls it is likely that it will keep falling to around the 0.00115 support area
To enter this one I'm looking for a few things:
1) A bounce from the 0.0014125 support line, which it looks like it has done. We may see a retest of this, and if it can successfully do it again we can confirm that as a strong support line
2) The MACD SMAs to create bullish divergence by crossing over above the last bottom crossover, if this happens I will be confident that we have started a consolidation period
3) The RSI to cross above the line (about 42), and if it can stay above it then I will be bullish on OMG
The profit target may be a little high as there is a bit of a sell wall at 0.002, so if it struggles to break that I may decide to take profits here
I've set a very tight stop loss as if it falls it is likely that it will keep falling to around the 0.00115 support area
Note
If it can hold support here I will enter, but only if it holds. It dipped below, however it looks like it could have been a fake out. This was why I was looking for it to hold
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