OMGUSD appears to be in consolidation no cleat direction yet. OMGUSD broke out to the upside from long term wedge pattern. 1st resistance 49% and 2nd resistance 73% gains are expected. Momentum appears to be absent with more consolidation ahead. Stay at sidelines until a clear direction is evident for a trade up or down.
OMGUSD
OMG/USDT ready to rise!OMG looks like it is breaking out of a symmetrical triangle. If this will happen, the price will go up very fast, like it usually happens with symmetrical triangles, probably to 8$ in the short term. MACD also looks to be turning bullish, and the RSI is showing signs of consolidation (it is making lower lows as the market price makes lower lows). This is an indication that the move is gaining momentum and therefore the break should effectively continue.
Any comment is appreciated.
OMG forming a nice bullish patternOMGUSD made a reversal from bearish pattern - descending triangle. This is a one of the most common patterns on the market. We saw that on couple of coins lately - last one on IOTA which increased almost 3x in value. OMG managed to bounce up from the support line and its now forming a bullish pattern. If the trendline holds, $10 is reachable from here. You can wait and enter position closer to the trendine and set your SL just under trendline.
OMG: More Buying OpportunityOmisego have been quite low for so long. It is only a matter of time this fellow makes a comeback. I think leading up to 2018 we will see Omisego make headline again. Price is starting to find a great support zone and if it can continue holding, this trade will be a success. What are your thoughts?
OmiseGo Bullish Symmetrical TriangleThis is a classical Symmetrical Triangle that's forming.
RSI and MACD are indicating that the price is going to decrease and fulfill the second correction leg for this pattern before further upward movement is confirmed.
Remember that The Symmetrical Triangle is known from it's explosiveness. After it breaks it will do it rapidly.
Having knowledge of this helps us to set buy targets and stop losses early.
I'll keep you updated what will happen.
Trading information:
Buy: 7.9 level
Partial Profit: around 10 level
Longer Term Profit Levels: 13 & 14 levels
Stop-loss: 6.5 level
Note this is a long term trade!
Things to remember:
-> To trade safely we need to use stop losses in case something goes wrong.
-> Note this is a long term trade! Requires patience and flexibility to adjust the sails of the market movement.
-> Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
Be Careful While Trading!
Any questions or need help? Feel free to leave comments and feedback!
Yarr!
OMG/USD IdeaThe OMG/USD chart shows potential for more confirmation of upward movement. Red dotted line shows resistance from down trend on 1D chart that was clearly broken on November the 8th with good volume. Price fell from there to retest resistance turned support and bounced (also happened to coincide with the top of the cloud). We are now moving up through the cloud with a crossover on the MACD and a potential crossover of the Chikou span with the Kijun-sen (blue circle).
Watch for a candle close above the cloud with a confirmation of the Chikou crossover for a stronger signal, and expect resistance at $8.30. I love this little coin and always look for an opportunity to pick up more; I see good potential here.