OMGUSDT trade ideas
OMGUSDT (OmiseGO) - BUY ENTRY ANALYSIS 🔎
- OMGUSDT brokeout above the double bottom neckline resistance.
- Price hit a swing high and retraced.
- Price retested the neckline resistance (flip horizontal support), key fibonacci retracement levels (0.5 - 0.618 - 0.786), and the ascending trendline support (ATS).
- There's a relatively high concentration of buyers at this retest zone (High buying pressure).
- The retracement was resisted by the descending trendline resistance (DTR).
- Price brokeout above the descending trendline resistance (DTR).
- This is a bullish signal.
BUY ENTRY ⬆️
- Market price (now).
TARGETS 🎯
- Horizontal resistance level (R1).
- Horizontal resistance level (R2).
- Fibonacci extension levels.
SETUP INVALIDATION ❌
- The ascending trendline support (ATS) is acting as a dynamic support.
- Breakdown below this trendline support could be an invalidation signal.
- The previous swing low (S2) could be used as the last validation level.
OMG/USDT Found support to fight backOMG dropped strongly after reaching its previous ATH.
Finally we found a horizontal support line as well as a rising support line (Yellow).
OMG will make its way and rise again to crush its ATH.
Enjoy the ride and don't be too greedy.
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Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
Helplines:
- Purple lines are trendlines we take a look at.
- Yellow lines are for visual help only.
OMGUSDT - 4 HOUROMG with a bullish reversal structure, IMO just a matter of time before this one breaks out.
One to add to the watchlist :)
For every new follower i will add a new idea :)
OMGUSD - LONGOMGUSD - market is rejected key weekly support and is now forming new higher highs and higher lows we are waiting for a break above this daily resistance before looking to long
The beginning of the uptrend in Wave 3 with target of $ 40
The first uptrend ended in the range of $ 9.82, in continuation, the corrective movement of that has finished in the range of $ 1.96. By drawing the channel line, we can set a $ 40 target for this token.
In the daily chart, the first 5 ascending waves which were able to cross the end of wave B, confirms the uptrend (wave 1)
( Daily Chart )
In the 240-minute chart, the first wave count from the uptrend waves and its corrective movement has been specified. By crossing the price from the specified trend line, we can get the confirmation for the uptrend. Needless to say, the main confirmation can be received by crossing the price from the range of 6.94, which should cross this range with 5 ascending waves.
*Finally, my personal strategy:
I will go long when the trend line is broken.
Pattern analysis for OMG coin. Once price reaches yellow line, it will become a crucial period and price should be followed(by you) through until it reaches the two red lines intersecting one another (yellow arrow) on 9th of March.
This will determine whether price will go up, which could take a few weeks until it reaches its previous all time high in september 2020.
If price doesn't stay above the support line after it crosses the two intersecting lines(yellow arrow), it is likely the coin will stay between the two blue lines while bouncing back and forth for upto few months.
Analysis was made for a follower as per their request.
Working on eth and btc analysis after this unless someone wants me to analyse a coin for them.
Thank you.
*DO NOT TAKE MY ANALYSIS TO SELL/BUY COINS*
*MARKETS ARE VOLATILE AND PREDICTING PRICE MOVEMENT IS IMPOSSIBLE*.
OMG USDT LONGF.A: Layer 2 solutions are in demand right now. Ethereum needs to scale. DOT, ADA, BNB are all just copies that are not bogged down by the weight of most of the altcoin market, like Ethereum. Ethereum will scale. Necessity is the mother of all innovation, and right now ethereum's gwei price is making it impossible for newcomers to use the network. OMG is a leader in ETH scaling.
T.A: Chart looks good. Hidden daily bullish divergence on the RSI and the HIstogram however, it is not yet confirmed. MACD looking like it will cross soon.
