It is not the time for going long on OMG. Profits should be taken from latest bounce.
RSI on daily is showing oversold and a bullish divergence, indicating we could begin trending sideways. Upward trend is highly unlikely. Most alts reverse after 90% retracement.
I am favoring scenario 1 because of the RSI, followed with a continuation of the downtrend. However, with segwit 2x coming in less than a month we have a big unanswered question over the entire market which could be bearish for BTC and alts. Scenario 2 is a possibility.
RSI on daily is showing oversold and a bullish divergence, indicating we could begin trending sideways. Upward trend is highly unlikely. Most alts reverse after 90% retracement.
I am favoring scenario 1 because of the RSI, followed with a continuation of the downtrend. However, with segwit 2x coming in less than a month we have a big unanswered question over the entire market which could be bearish for BTC and alts. Scenario 2 is a possibility.
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Short Term trade here or for long term accumulation.
Short Term trade here or for long term accumulation.
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In general I am seeing the volume starting to return to alts, however this pair may have more to fall since it has grown so much recently.