1. OMG stays in blue channel, first resistance at 96k, if it breaks expect movement to around 100k 2. Blue channel can't hold it, expect hovering around upper line of red channel 3. Movement in yellow channel related to other factors, BTC price drop/raise, OMG news release etc...
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Also watch out for Fibonnaci levels!
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Scenario 3 is in play... Bounced of yellow line, 0.786 fib is now resistance, and possible target is around 92k. Untill the BTC fork we can still expect price drop of another 10% down to base support at around 80k.
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BTC up OMG down! Buy in at 80k, but I would wait for confirmation of an upward trend...
In 24 hours BTC rose 3.7%, OMG dropped 4.9%. Recent buyers of OMG, LTC and ETH must be feeling pretty disappointed right now.
StickyZmo
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@mooneymoonman, I think OMG entry from 80k-100k is ok for mid to long term holders. LTC and ETH didn't lose as much towards fiat value atm...
mightytrader
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@mooneymoonman, Not at all. Because I know that I don't care to be part of the Bitcoin drama and OMG will give far greater returns than the ultra-PUMPED Bitcoin and Litecoin.
Besides, I know XRP will PUMP again in the not-too-distant future. I will be using my profits from XRP to put even more money into the Oh My God coin.
I don't care about Bitcoin going to new ATH... because I know I can buy cheap coins and they will PUMP again because they retraced. PUMP!! $$$
RBmooney
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@mightytrader, your way of thinking is very closely aligned with my own. Ive said it a dozen times, if an alt coin went from $3.20 to $7.40 in seven weeks no one would give it a second glance, at a percentage gain of 231% thats exactly what BTC has done and everyone is raving like its the only coin worthy of holding.
Vertcoin went from ~$0.70 to ~$4.80 in roughly the same time period, a 685% increase but apparently thats just a 'meme coin'. Ive done well with a few coins such as VTC,okcash and GRS, im not sure why people refer to these as 'shit coins' and 'meme coins', particularly as their percentage gains have far exceeded BTC in recent weeks. I do hold a small amount of ETH, but presently i hold no LTC, OMG or NEO but if i do see a strong buy signal ill buy in.
If there are indications that XRP will begin to move north ill not hesitate to grab some, this is why i like to keep cash on the sidelines waiting on buy opportunities. As i previously alluded im pretty disappointed in LTC, OMG, NEO and ETH, of all the coins i really thought they would rocket after BTG softfork, but as the total market capital has since reached ~$200 billion i believe these coins will eventually take off shortly after segx2.
@mooneymoonman, People are buying the BS that altcoins will keep going down until the Fork.
Well, this is what I think: It can go BOTH ways. BTC can PUMP while the altcoins PUMP. If I were a Whale, I would start turning my USD into these cheap alts before the fork.
So, Bitcoin gains is no longer worth the risk to trade into to try to get cheaper alts.
Like you said, ALWAYS keep cash on hand. $$$
Whales have PLENTY of cash and I think a lot of people selling their alts now are going to regret it because they will buy back more expensive; therefore losing their alts.
Of course, if you are skilled and know what you are doing... by all means sell your alt if you think you can buy it back cheaper. But I'm not that skilled and I'm not waiting for a bottom as many coins have retraced 50-90%!
mightytrader
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@mooneymoonman, BTW: OMG should not be a disappointment, unless you bought near the top. Compare with LTC, ETH and even NEO.... those have not retraced as much as OMG. OMG has retraced almost 50% since its high (in USD). So, it went on sale while the others... too expensive. (BUT Neo and LTC did go on sale in September... big DISCOUNT... I suppose ETH did too ;)
RBmooney
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@mightytrader, i sold my OMG at its very top, i remember the day very well. Exodus was having problems with their shapeshift function for nearly a week, i could see that OMG was nearing its peak and began to panic as i couldnt shapeshift my large holding of OMG in order to take profits. As OMG started to dip some good news came out in regards to a business in Thailand going into partnership with OMG's mother company(or something to that effect), OMG then spiked just as Exodus's shapeshift function became operable again at which point i changed my OMG into LTC and cashed out, i was also extremely lucky to be on Exodus as this all occurred as it could easily have happened during the middle of the night. I sold NEO at a loss(2 btc!!) as i was holding it on Binance when the Chinese regulations nonsense began, given that Binance was a Chinese exchange i feared that they would be shut down, fearing that i would lose everything i sold my BNB coin and NEO into BTC and moved everything off that exchange, i lost a total of 10k that week. This was my first major lesson and im much more risk aware now.
mightytrader
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@mooneymoonman, Bittrex, Coinbase and Kraken are the exchanges I use. Too bad Kraken is so stubborn to update their clunky and unresponsive UI.
I used to use ShapeShift... then I realize what they were charging me... as much as 5% on some trades (e.g. LTC to DCR was nearly 5% fee in the summer!!) Plus, my coins kept getting stuck for days in their system.
I lost 2k of XRP in June from ShapeShift... My window was not maximized and I only copied part of the Destination Tag. They said my 6,000 XRP went to someone else and they couldn't retrieve it.
So... I stay away from instant exchanges.
Also: at least you can sue American companies. ShapeShift is not American. I would never use a China exchange.