OmiseGo 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
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RSI is making a sell signal?
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Bounced off the uptrend line! $10 next? Looks like a flag versus Bitcoin :)
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We still need the other chart to brighten up a bit
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That major and minor classic confluence is just so strong! Keep in mind the right chart is still in a full blown downtrend.
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Let's see if classical fibo zone can keep things in check.
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Let's try this again!
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I reanalyzed the situation, here;s what's hodling us back.
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Downtrend continues for now?
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Took out the downtrend! All that remains is the confluence area.
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WE couldnt take out the downtrend against BTC!
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Waiting for next pattern,
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OmiseGo did not meet my performance expectations. Thread closed.
im waiting for this to drop back down to 8.5 resistance line level to buy
georgime
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Nah...it is still in the uptrend..hasn't crossed down totally yet...
Trader6127
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@georgime, hmmm... well at least the blue trend line, yeah?
georgime
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@agency, No I meant the white one. If you draw the trendline correctly, it is still in an uptrend.
Trader6127
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@georgime, can you please show me the "correct" one?
ScottWilhelmsen
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m0o0o0o0o0o0o00on!
allneedkrishna
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cool very! cool
KFedTrading
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what do you think about this current drop//correction? Where do you see the floor/rebound? Im think 7.30 - 7.50? Maybe lower idk. Big buy on bittrex at 7.60 rn 15k OMG buy will see how that goes.