OMGUSD - Surivival Mode Initiated? Longing with caution...Disclaimer:
OMGUSD could have made a higher low here but I'm aware OMGBTC is currently at all time lows so this is definitely a punt, I don't give financial advise but if you were to ask my opinion, this is a low risk trade, the chance of this working is slim though. Reward very nice if it does work but my position size is extremely small due to this essentially being a shot in the dark.
Analysis:
I'm not big into fundamental analysis but generally I believe many of the alts of the 2017 bull run will not survive the current cull we are experiencing. If 2017 was the equivalent of the early 2000s dot-com bubble popping, only a few recover and even less end up making new highs. OMG could easily be a part of this list too but the company is still active and of all the ERC20 tokens, it is one of the top 10 (currently 7th I believe of the ERC20 tokens). Personally I do believe Ethereum will stick around for the long term in this market (it has the most developers by far) so some of it's companion tokens should too. Yes, Ethereum was used and abused heavily for many ICOs, many of which were scams but there are companies still active and still hard at work - doesn't guarantee they will be a success in terms of future prices of course.
Moving on the technical side, I've spotted an 0.886 retrace (perfect so far) after a pretty strong move (up over 200%) from early Feb 2019 this year. The only thing we're missing right now is a bounce.
If we can hold and turn at this level the sensible first target is a return to the 0.5 fib level. I have plotted some other targets and failure points if this is the start of an Elliot Wave, I've measured where Wave 3 could hit (2 target zones) and the failure zone is if we can't break the top or just get above it (making an ABC equal measured move, downtrend likely to continue).
Stop level is pretty close so if this fails I'll be wrong quickly (which is how I like to trade - get out quick if I'm wrong and take a small loss, stay in as long as possible if I'm right to maximise profit potential).
Good luck out there!
