OmiseGo Could Correct Down
Updated
After finding the support at $5, OmiseGo went up to almost $30, resulting in a huge 445% growth in just over a month. Obviously, $30 psychological round number has acted as a strong resistance, which is also confirmed by the 261.8% Fibonacci retracement level.
While the $30 resistance is respected it is likely that OmiseGo will correct down towards either $20 or $17 support levels, that is 161.8% and 127.2% Fibonacci retracement levels. At the same time trend remains bullish and the resistance should be watched for a breakout where the uptrend might continue. Nevertheless, now it could prove to be risky buying OmiseGo as the resistance is holding.
While the $30 resistance is respected it is likely that OmiseGo will correct down towards either $20 or $17 support levels, that is 161.8% and 127.2% Fibonacci retracement levels. At the same time trend remains bullish and the resistance should be watched for a breakout where the uptrend might continue. Nevertheless, now it could prove to be risky buying OmiseGo as the resistance is holding.
Comment
OmiseGo still within the trading range, first support rejected, so could go higherTrade closed: target reached
downside target reached
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