Long
OMG Network Buy / Sell levels using indicators
These last few weeks in crypto have been pretty wild BTC breaking ATH's or almost breaking depending on which exchange you are looking at specifically. As well as sudden 2k+ price swings thrown into the mix.
In my last idea we looked at an ascending triangle that failed to breakout do to a double top formation on bitcoin that brought the market down including ALTS such as OMG. Since then I decided to take a closer look at OMG to determine buying and selling opportunities.
Using the TradingView Supertrend indicator which uses Moving averages to determine which direction price action momentum is moving we have a slow and steady uptrend at current price levels shown by the green line on the chart
There is currently a cluster of resistance centered around 4$ with a lot of sell pressure in this region, but we have support levels at the $3.50 level (this level held during the bitcoin price dump) as well rising support from the newly formed trendline resistance as well as $3.22 per the Supertrend indicator used in this chart, and finally $2.5 but hopefully we won't see this major support region tested.
The target OMG needs to break in order to start running is 5$ to break through the current Accumulation Zone and start a new bullish paradigm.
With bitcoin dominance at the levels its currently at I predict its only a matter of time and am really looking towards the 2nd week of December to see some positive price action in ALTS.
Thanks for checking in
*not financial advice*
-Mystic
In my last idea we looked at an ascending triangle that failed to breakout do to a double top formation on bitcoin that brought the market down including ALTS such as OMG. Since then I decided to take a closer look at OMG to determine buying and selling opportunities.
Using the TradingView Supertrend indicator which uses Moving averages to determine which direction price action momentum is moving we have a slow and steady uptrend at current price levels shown by the green line on the chart
There is currently a cluster of resistance centered around 4$ with a lot of sell pressure in this region, but we have support levels at the $3.50 level (this level held during the bitcoin price dump) as well rising support from the newly formed trendline resistance as well as $3.22 per the Supertrend indicator used in this chart, and finally $2.5 but hopefully we won't see this major support region tested.
The target OMG needs to break in order to start running is 5$ to break through the current Accumulation Zone and start a new bullish paradigm.
With bitcoin dominance at the levels its currently at I predict its only a matter of time and am really looking towards the 2nd week of December to see some positive price action in ALTS.
Thanks for checking in
*not financial advice*
-Mystic
Note
OMG Network Has been Acquired by Genesis Block Ventures GBVsynqa.co/synqa-subsidiary-omg-network-joins-genesis-block-ventures-gbv/
The market seems to be reacting positively to this. I view this personally as a net positive as the technical team will remain the same with the added support of GBV and the market is agreeing with me.
Are's of resistance 4.20, 5, 5.5, 6.4. personally expecting 5$ to be the toughest to crack.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.