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Omg Crypto has Accomplished The Biggest Milestone!!OMG launched its mainnet on June 1. It’s a milestone the team has been working toward since its ICO in 2017. The OMG Network is a layer 2 scaling solution for Ethereum based on a codebase called Plasma. It speeds up transaction times and reduces transaction costs by 66%. One of the first major newcomers to the network is Bitfinex, a top crypto exchange. The exchange will use the network for its USDT stablecoin right off the bat. This is significant because USDT is the biggest contributor to Ethereum activity, which means the OMG Network will have sizable usage immediately. We expect more crypto projects to follow Bitfinex’s lead. In addition, we anticipate enterprise use to follow via its parent company, Omise. Omise has 8,000 merchants who would benefit from moving many operations to the OMG Network. This would be very bullish for OMG. The future is bright for the OMG Network as it accomplishes one of the biggest milestones on the roadmap. We expect prices to continue rising as more usage hits the network.
OLong
by ShinForex1
2
OMG is overbought, short term correction paves the way to shortsDisclaimer: This is not financial advice In high leverage trading your entry is a matter of life or death, you need to have patience and to not let fear of missing out drive you into opening rushed positions. Map out your trades in advance and wait for the right entry. Our aim is to capture quick & safe profits, not to predict the future, this is possible only if we fight for a good entry. So if you're nervous and itching to open a position then take a few deep breaths and don't trade! OMG has done a lot, aside from the significant rally since March it also broke out of a 3 year bearish channel entering price discovery. Anything can happen here however we as traders have to look for cues to assess risk and identify opportunities where to position ourselves. 9.3 was a clear short opportunity, now we are pretty much in no man's land. I do have a bearish bias though for a few simple reasons. First of all we are still very close to the 9.3 resistance so RR favors bears, then indicators show that we are in deep overbought territory while the multi year upper trendline of the bearish channel still hasn't been retested. I believe a retest, even shallow, is in the cards. We could see 1.4-1.5 in the mid term. In the meantime however we are probably either going sideways or moving slowly/quickly lower. Sideways is a risk for those looking to open high leverage shorts so to handle this we try to identify the limits of a potential channel and based on that spot entries for high leverage shorts and longs. It is worth noting that a bullish retest of the 6.72 area seems to be failing so this area remains resistance and creates an important shorting opportunity: Entry: 6.75-6.87 SL:7 TP1: 4.74 TP2: 3.87 TP3: 2.7
BITFINEX:OMGUSDShort
by zerobounds
OMG Network Surged More Than 1000% This Is Just A BeginningHeyy friends hope you are well and welcome to the new update on OMG network. Before moving to the OMG live chart I would like to show you some of my previous prediction based on the harmonic patterns after watching these charts it will be easy for you to understand today’s analysis. Below are some of my previous predictions based on the harmonic moves: Bitcoin Gartley move has produced more than 83% sofar: Bitcoin cash Gartley move has produced more than 36% sofar: XRP Butterfly move has produced more than 45% sofar: Cardano Shark’s move has produced more than 460% sofar: Tron Shark’s move has produced more than 312% sofar: NEO coin Shark’s move has produced more than 238% sofar: IOTA coin Butterfly’s move has produced more than 160% sofar: The purpose to show you some of my previous harmonic pattern is to prove with evidence that how the price action follows these patterns and how much these targets can be achieved realistically. XVG Shark’s move has generated 122% sofar: Ok, this XVG harmonic move is very much similar with the harmonic move that the OMG token has made this time. I posted this chart on July 2019 almost a year ago when the price action of Verge coin entered in the potential reversal zone of this Shark pattern. As per Fibonacci sequence of bullish Shark I predicted that it would be moved up from this PRZ level. But due to BTC dominance in the month of June to July 2019 the price action of XVG broke down the potential reversal zone. Very soon the price action recovered and entered the potential reversal zone again. But from Feb to March 2020 when all the markets were crashed the price action of Verge coin followed the international market trend and again moved more down but the priceline of XVG again recovered and so far it has produced more than 540% bullish rally from down to top and if we calculate from the maximum extent of the potential reversal zone up to the highest spike then it has produced 122% sofar. The Shark’s move of OMG network: Now I would like to show you the OMG chart that I published last year in April 2019. When the price action of OMG completed the bullish Shark pattern and entered in the potential reversal zone. Then same as like the XVG coin from June to July due to Bitcoin dominance the price action broke down the potential reversal zoine and we have also seen the downtrend from Feb to March 2020 as well. But now again it has recovered and rallied more than 1000% from down to top and if we calculate this rally from the maximum extent of the potential reversal zone to highest spike then it has surged more than 260% so far. The movement in the up channel and bullish signals: Now if we switch to the daily time period chart then you can be easily observe that from May 2020 to August 2020 the price action of OMG network was moving in a down channel. If we place the volume profile on the complete priceline moving within this channel then it can be easily noticed that we had very weak interest of the traders at the support and strong interest above the resistance of the channel. That was a very strong bullish signal. If we take a look at moon phases indicator then in July 2020 the new full moon was appeared at a very high altitude and big distance from the resistance of the channel that was another bullish signal.Tthe point of control of volume profile was also above the resistance but if we watch the new dark moon then it was appeared below the support that was signal for the downtrend. But if we take a look at the RSI oscillator then it was already in the oversold zone. Therefore we can ignore this bearish signal of dark moon because due to oversold condition of relative strength index and the bullish signals of volume profile this bearish signal was weak. And finally priceline followed bullish signals and broke out the resistance of channel. The SMAs and EMAs: Now if we place the different simple moving averages with the time period of 25, 50, 100 and 200 then the price action has broken out all these moving averages. At this time the priceline is getting retraced. Now there are two possibilities. 1. The price action may retrace up to any of these simple moving averages to use them as support because without the support of moving averages it is difficult for the price action of any asset to continue the uptrend. 2. If we watch the exponential moving averages with the time period of 10 and 21 then the price action is already at the support of these exponential moving averages. Therefore the second possibility can be that the priceline will use these EMAs as support and form a new up-channel from here. SMAs: EMAs: Conclusion: Even though the price action has broken down the potential reversal zone of bullish Shark pattern. But there was some bad market situation behind that, otherwise the pattern is still valid and my targets for OMG are remain the same that I posted last year as below: Buy between: 0.000604 to 0.000230 btc Sell between: 0.001079 to 0.001977 btc
OLong
by moon333