OMG - After SX2 & Into Beginning of 2018
Trying to understand OMG/BTC in relation to BTC/USD & and OMG/USD. The TA focuses on trading in BTC but examining the charts against their USD pairs was necessary to properly analyze the BTC charts.
Some key points I was able to make out:
1. OMG is still a fairly new crypto, only trading for 4 months as of writing and only taking about 21/2 months to break over 1 bil market cap.
2. The team/company (Omise Co.) is very reputable in SEA and there is backing/advising from very reputable people in the crypto space, with that said OMG has no actual product as of writing. (It would be hard to see a market cap greater then 2 bil + with no viable product to show for)
3. OMG is expected to launch the OMG SDK wallet prototype for developers in Q4 2017, currently we are in Q4 2017.
4. OMG is first to market for the solution they are targeting.
Some technical points I noticed:
1. Yearly RSI on OMG/BTC not only looks to be oversold and but RSI on a yearly looks ready to make a reversal from a long slow downtrend back into an uptrend
2. Yearly RSI on BTC/USD looks to be very overbought and Bitcoins bull run looks to be coming to an end, since this was a big bull run for bitcoin we could see a pretty big pull back before bitcoin starts its next bull run. (this could also help bring OMG/BTC price upwards just like it brought it down with BTC was on its bull run)
3. Yearly RSI on OMG/USD is also oversold (not as much as OMG/BTC) but both show signs of a reversal and OMG looks ready to break out from its downward wedge
4. MACD on OMG/BTC & OMG/USD look ready to cross but not quite there, this is because of upcoming SX2 fork in my opinion, I think we will see the cross over after the SX2 fork
5. MACD on BTC/USD looks ready to cross also, but MACD on bitcoin also signals that bitcoin just finished a bigger bull run that usual, which again will result in a bigger correction.
6. TA shows OMG to be entering new time based fib wave cycle
Until SX2 fork I don't think we will see any major gains or ATH from any altcoins in the top 20, after the fork I think OMG will have a reversal and set into an uptrend (just like most alts). Since OMG has no viable product and since we are starting to see institutional investors enter the market with big pockets I find it hard from a fundamental view to see OMG being valued higher than 1 Bill and I don't think we will see an ATH from OMG/BTC until we can see some sort of product or have more details reassuring the project is making significant progress in relation to the roadmap but when investors get word of a working product I think we will see OMG boost to a new ATH. Hoping to get some likes (super close to being able to actually chat!) and also any constructive criticism is greatly appreciated. Thanks!
Some key points I was able to make out:
1. OMG is still a fairly new crypto, only trading for 4 months as of writing and only taking about 21/2 months to break over 1 bil market cap.
2. The team/company (Omise Co.) is very reputable in SEA and there is backing/advising from very reputable people in the crypto space, with that said OMG has no actual product as of writing. (It would be hard to see a market cap greater then 2 bil + with no viable product to show for)
3. OMG is expected to launch the OMG SDK wallet prototype for developers in Q4 2017, currently we are in Q4 2017.
4. OMG is first to market for the solution they are targeting.
Some technical points I noticed:
1. Yearly RSI on OMG/BTC not only looks to be oversold and but RSI on a yearly looks ready to make a reversal from a long slow downtrend back into an uptrend
2. Yearly RSI on BTC/USD looks to be very overbought and Bitcoins bull run looks to be coming to an end, since this was a big bull run for bitcoin we could see a pretty big pull back before bitcoin starts its next bull run. (this could also help bring OMG/BTC price upwards just like it brought it down with BTC was on its bull run)
3. Yearly RSI on OMG/USD is also oversold (not as much as OMG/BTC) but both show signs of a reversal and OMG looks ready to break out from its downward wedge
4. MACD on OMG/BTC & OMG/USD look ready to cross but not quite there, this is because of upcoming SX2 fork in my opinion, I think we will see the cross over after the SX2 fork
5. MACD on BTC/USD looks ready to cross also, but MACD on bitcoin also signals that bitcoin just finished a bigger bull run that usual, which again will result in a bigger correction.
6. TA shows OMG to be entering new time based fib wave cycle
Until SX2 fork I don't think we will see any major gains or ATH from any altcoins in the top 20, after the fork I think OMG will have a reversal and set into an uptrend (just like most alts). Since OMG has no viable product and since we are starting to see institutional investors enter the market with big pockets I find it hard from a fundamental view to see OMG being valued higher than 1 Bill and I don't think we will see an ATH from OMG/BTC until we can see some sort of product or have more details reassuring the project is making significant progress in relation to the roadmap but when investors get word of a working product I think we will see OMG boost to a new ATH. Hoping to get some likes (super close to being able to actually chat!) and also any constructive criticism is greatly appreciated. Thanks!
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