OMGUSD reversal
Updated
Forgot to press publish by a bit, so optimal entries are sadly fortfeit.
OmiseGo stalled previously and established a lower low in conjunction with BTC. Later a HL was established, which created a new trendline with pre breakout resistance and the previous low.
I have strong confidence in this new low for two reasons, which i will now detail.
4RSI has balanced out at a good 52, upholding the bull trend and giving lots of room to the upside.
Secondly, i have noted just since yesterday that some asian alts (namely IOTA, OMG, ANS and WAVES to some degree) react less to BTC dumping. I suspect this is due to BCH acting as a hedge, and an alternate foundation for the alt ecosystem.
When BTC pulls back these ALTS hold very well or even go up in their BTC pair.
Entry: ~2.65
SL: Trailing the pennant support line, Currently 2.6
TP 1: 3.16 (30%)
TP 2: 3.88 (30%)
TP 3: 4.4 (40%)
If signs of a bear break occur to me, i will share them in the Idea.
Thanks for viewing, and Happy trading!
OmiseGo stalled previously and established a lower low in conjunction with BTC. Later a HL was established, which created a new trendline with pre breakout resistance and the previous low.
I have strong confidence in this new low for two reasons, which i will now detail.
4RSI has balanced out at a good 52, upholding the bull trend and giving lots of room to the upside.
Secondly, i have noted just since yesterday that some asian alts (namely IOTA, OMG, ANS and WAVES to some degree) react less to BTC dumping. I suspect this is due to BCH acting as a hedge, and an alternate foundation for the alt ecosystem.
When BTC pulls back these ALTS hold very well or even go up in their BTC pair.
Entry: ~2.65
SL: Trailing the pennant support line, Currently 2.6
TP 1: 3.16 (30%)
TP 2: 3.88 (30%)
TP 3: 4.4 (40%)
If signs of a bear break occur to me, i will share them in the Idea.
Thanks for viewing, and Happy trading!
Trade closed: target reached
Closed entire position at 3.75I think OMG will make a c&h to retest 3.00$
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Trade active
Went all out long @ 3.3$Primary TP 4.75 (66%)
minor TP 3.89 (33%)
s3.amazonaws.com/tradingview/snapshots/k/kkjTKu2S.png
Trade closed: target reached
Not my end target, but long closed at 4.2.I relonged a bit at 4, but it might go south for a bit so the stop is tight
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