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Omisego

OMGBTC formed another bullish reversal moveHey, friends hope you are well and welcome to the new update on OMG token. Recently the price action of OMG has started the correction rally after a massive bullish wave of more than 1000%. So in today's post, we will try to understand that whether is this a really correction rally for the price action will move more down. Is this a breakout or fake out: Since 3rd week of August 2020 the priceline of OMG token started moving within the down channel. We can see several touches at the support and on the resistance as well. Finally on 11 September the price action broke out the resistance of the channel. I've also placed the volume profile indicator on the complete priceline moving within this down channel. It can be clearly observed that as per volume profile trader’s interest was very weak at the support of the channel. Even the trader's interest went above the resistance of the channel that was a very clear signal for the break out. We can also see the point of control of the volume profile at a very high distance from the resistance of the channel that can pull the priceline up very soon. Now the price action is likely to move down to re-test the previous resistance of the channel as a support but I am expecting that the price action will again enter in the channel and there is a very strong reason behind this thinking and that is the expected harmonic move. The priceline has broken down the 1st SMA support: After placing the different simple moving averages with the time period of 25, 50 and 100 it can be easily seen that the price action has also broken down the 25 simple moving average. Now price action of OMG is moving between the 25 and 50 SMAs. If the 50 simple moving average will be broken down then we also have the 100 simple moving average strong support below the 50 SMA. Harmonic BAT move: There are strong chances that the price action will use the 50 simple moving average as a support and to do so the priceline of OmiseGo will move more down. Because if we take a closer look at the chart then it can be clearly seen that the price action is likely to complete the final leg of the bullish BAT pattern on the daily chart. After initial X to A leg the price action is retraced between 0.382 to 0.50 retracement level then candlesticks are projected between 0.382 to 0.886 Fibonacci projection of A to B leg this is the second confirmation for the bullish BAT. Now the price action can retrace between 0.786 to 0.886 Fibonacci retracement level for the completion of this bullish BAT move. According to some trading experts, the potential reversal zone of the bullish BAT can be started from 0.618 Fibonacci retracement level. Therefore according to this theory if the price action will be moved up from this level where it moving at the moment even then the bullish BAT will not be invalidated. Because so far the priceline has retraced up to 0.724 Fibonacci that is more than 0.618 Fibonacci level. A big bullish Shark move and it’s buying and sell targets: At the end I would like to recall a very big bullish Shark move that has been completed by the priceline of OMG token. I posted the below pattern last year in April 2019. Now finally the price action is gearing up from the potential reversal zone of bullish Shark and as per Fibonacci sequence of this pattern the buying and sell targets are as below: Buy between: 0.000604 to 0.000230 btc Sell between: 0.001079 to 0.001977 btc Conclusion: On the long-term the price action of OMG token has formed a very big harmonic move and has the potential to produce more than 750% bullish rally. However, on the short term the price action can move little bit more down for the completion of the bullish BAT. Therefore we can use the potential reversal zone of bullish BAT on the short term as our stop loss.
OLong
by moon333
1
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