OMG! Catching Structural Wave 3
Updated
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
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?Note
Bounced off the uptrend line! $10 next? Looks like a flag versus Bitcoin :)Note
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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.Note
Let's see if classical fibo zone can keep things in check.Note
Let's try this again!Note
I reanalyzed the situation, here;s what's hodling us back.Trade closed manually
Downtrend continues for now?Trade active
Took out the downtrend! All that remains is the confluence area.Note
WE couldnt take out the downtrend against BTC!Trade closed manually
Trade active
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Trade closed manually
Waiting for next pattern,Note
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OmiseGo did not meet my performance expectations. Thread closed.
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