OMG! Catching Structural Wave 3OmiseGo has performed well against the risks of capital flight plaguing the altcoin sector over the last few months, managing to stay above the major key fibo level. Currently it has broken through a significant downtrend line, ruptured through BBs to the upside, and is showing bullish signals on the RSI. Its possible we may see a trend reversal, with intraday (swing) trading opportunities.
Possible targets for now to the upside are a MIN TP of $15.90 and a MAX TP of $18.79.
Alternatively, we could see trend resumption and trade as low as $3.46 before bouncing back to the $10 region.
My strategy also involves analyzing the OMGBTC chart, and it should be noted that currently we lack support for a trend reversal in this pair.
*This instrument saw a 3500% increase in value from inception to its peak of $13.70, so a further correction is very possible.
***Bitcoin's bullish cycle has expired, and the impact that this variable may have on the altcoin sector is not clear at this time.
As always, I'll be updating this thread as we go along.
Cheers and GLWT,
-Erik
OMGUSD
OMG USD shorter time frameUse this to help inform your trades.
Not a trading advice - just providing info so you can make your own trade decisions...
OMG rose too quickly. expecting a pull back.
The length of the black arrows are the same. after the pullback expecting the rise to extend to at least the length of the black arrow.
Please comment with any questions.
OMGUSD, Long, a new bull runThe coin bounced off the strong daily chart Fibonacci support at $5.6 and broke the downtrend line. For the first time in weeks the price stand above the long term EMA89 period. This indication seems to signal the finish of the BEAR market cycle and making a new BULL move.
On this chart which is the 4H the coin retrace back to 618 Fibonacci at $7.2 which whom were the fast traders would have had enter one portion of the position. Those trades can be hold if this coin breaks $8.8 which also open up an opportunity for those who missed out the first entry.
If the price decide to move up breaking the previous high at $8.8, the target can be at the first resistance is at $9.7, and our target at $11.7.
So its always calculated risk and rewards, where in this set up theres $1.6 on the downside and $3.0 on the up side so its about 2:1 (risking of losing one and gainning two).
Note: New entry which break $8.8 area have a stop at $7.2
Feel free to leave a comment. :)
Best of Luck
OMG/USD: Possible Bullish TrendOmiseGo has respected very well the diagonal resistance since the beginning of October. Finally violated the trend line at $ 6.90 approximately, it is currently making a pullback to the same level. If the upward trend resumes, it can be a very good buying opportunity, as a confirmation we can expect it to define above $ 8.50.
omg byu ideathe price formed support at the level of 0.00085-0.00095 BTC. According to Fibonacci this level is 0.236 and it is a good point for opening deals. The RSI Oscillator is in the oversold zone, and MACD is preparing to go up, it tells me that the price will go up.
To avoid a false signal, I recommend making purchases at the level of 0.001. To expose a stop-loss, and also to close deals in parts.
Buy 0.001
Target 0.0013-0.00165-0.002
Stop-loss 0.00077