OMG - Bullish Triangle/Pennant
I don't usually make my trades public on TradingView but OMG is a long term HODL for me and regardless of whether this is the next leg up in this bull run or not I won't be selling anything from my main stack. I usually like to break up my TA into a mix of fundamental analysis and technical analysis and then make my decisions based on both. OMG is my biggest HODL in my long term portfolio and it's great to see it start to gain some traction again and decided to post a small TA update.
Fundamental Analysis:
OMG has been making big moves the past couple months and it doesn't look like they are slowing down any time soon,
1. Plasma MVP launched, Plasma ahead of schedule, and OMG SDK open beta released (In early days of OMG being listed a lot of people complained about the team having no code or product to show, this is no longer being used as FUD against OMG)
2. Big partnerships all around Asia announced and more coming (Shinhan Bank, Thailand government, APEC, SMBC Financial, etc...)
3. Cosmos Spoon and Electrify Asia airdrop tokens, both these tokens will be given to people who hold OMG and will be able to sell them without having to sell OMG. Not only does this add value to the underlying asset(OMG) that is producing these tokens, it also starts a precedence that other reputable tokens that use OMG network will be more likely to airdrop tokens to OMG holders (similar to how a bunch of ICO's starting airdropping tokens to ETH holders)
4. MakerDAI & OMG collaboration to launch a stable coin on the network and the ability to use OMG as collateral on the Maker platform.
5. A lot of reputable Asian exchanges listing OMG with speculation/rumors of OMG being listed on Bithumb and Coinbase soon.
These are only a few of the main points from the past couples listed and there are many more you can find and a lot more news seems to be coming.
Technical Analysis:
1. OMG is above the 1 day/4hr/1hr ichimoku cloud
2. RSI not oversold and maintaining uptrend
3. OMG has been able to hold the price for a couple days now
4. Largest volume has ever been on Binance was the other day (almost double the max volume has ever been)
With all that said, OMG is looking very bullish at the moment and I do believe this is just the beginning of the OMG bull run, next leg up will have a shorter consolidation period before OMG attempts a new ATH against it's BTC charts. Keep in mind this is a market (a very volatile & unregulated market) and there is always the possibility that OMG or the Market experiences FUD and I always like to take that into consideration. Always open to constructive criticism and if there are any questions I'll try and answer to the best of my ability :)
Fundamental Analysis:
OMG has been making big moves the past couple months and it doesn't look like they are slowing down any time soon,
1. Plasma MVP launched, Plasma ahead of schedule, and OMG SDK open beta released (In early days of OMG being listed a lot of people complained about the team having no code or product to show, this is no longer being used as FUD against OMG)
2. Big partnerships all around Asia announced and more coming (Shinhan Bank, Thailand government, APEC, SMBC Financial, etc...)
3. Cosmos Spoon and Electrify Asia airdrop tokens, both these tokens will be given to people who hold OMG and will be able to sell them without having to sell OMG. Not only does this add value to the underlying asset(OMG) that is producing these tokens, it also starts a precedence that other reputable tokens that use OMG network will be more likely to airdrop tokens to OMG holders (similar to how a bunch of ICO's starting airdropping tokens to ETH holders)
4. MakerDAI & OMG collaboration to launch a stable coin on the network and the ability to use OMG as collateral on the Maker platform.
5. A lot of reputable Asian exchanges listing OMG with speculation/rumors of OMG being listed on Bithumb and Coinbase soon.
These are only a few of the main points from the past couples listed and there are many more you can find and a lot more news seems to be coming.
Technical Analysis:
1. OMG is above the 1 day/4hr/1hr ichimoku cloud
2. RSI not oversold and maintaining uptrend
3. OMG has been able to hold the price for a couple days now
4. Largest volume has ever been on Binance was the other day (almost double the max volume has ever been)
With all that said, OMG is looking very bullish at the moment and I do believe this is just the beginning of the OMG bull run, next leg up will have a shorter consolidation period before OMG attempts a new ATH against it's BTC charts. Keep in mind this is a market (a very volatile & unregulated market) and there is always the possibility that OMG or the Market experiences FUD and I always like to take that into consideration. Always open to constructive criticism and if there are any questions I'll try and answer to the best of my ability :)
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