OMG found very strong support around 0.0014 and should be able to start a new run from there with an interesting first resistance level around 0.0020 where it could also meet the MA 50.
Trade active
The first attempt wasn't successful as we hit resistance on the 200 days average (as we did earlier this months). However, It is undeniable that the trend was broken and the only way to get back on this track would be to break the strong support at 0.0014.
The way upwards is definitely more likely.
Note
A long consolidation is healthy before a bullrun. We might see this phase extend a few more days as the market is clearly in a wait&see phase (till October 25?).Note
I like this setup for a long trade. We passed the BTG Fork, had a strong reaction and have cooled down from there.
My StopLoss is fairly low to allow for a BTC rebound.
Note that there is still a higher level of risk since the next BTC-Fork is still before us, which makes the market more unpredictable than usual, so adapt the StopLoss to a level your comfortable with.
Note
The last proposed trade was end by the stop loss, but we have a new entry.
Trade closed: stop reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.