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OMGUSD trade ideas

OMG/USD - Increase Of Over 63% Seen But Is It Over?From Tuesday's low, we have seen an increase of over 63% for the price of OmiseGo. The price moved to the upside in a parabolic manner but has now started showing signs that the impulse wave might have ended with the price interacting with the upper level of its current ascending channel. The wave structure implies that we have seen the completion of the 5th wave of the Minute count and with it the 5th wave of the higher degree count. This is why now we are likely to see another ABC correction at least to the lower levels of the ascending channel or with a slight breakout to the upside. As the price is currently hovering around the $4 mark a breakout below this psychological resistance could lead for a more significant decline even below the $3 mark but if it manages to hold above the $3.27 cluster further upside would still be in play.
BITFINEX:OMGUSDShort
by SublimeTraders
Here We omiseGO Again! Why Buy High?#OMGUSD has gone vertical, following along with the recent surge in capital flowing back into alt coins. As usual, there is hype everywhere, no different than when Bitcoin was pushing toward 20K back in 2017. Human nature is what drives ALL financial markets and it does not change. I write this to offer some technical perspective and clarity in order to help you make a more RATIONAL choice when you observe a chart that looks like this. (Have you seen Kodak stock?) The 3.00 area is a significant resistance that dates back to over a year (look back on your chart). Just like Bitcoin, the probability of selling activity is high here. The EFFECTIVE behavior here is to partial out of a winning position (if long from lower prices) and let a small portion run to see how far momentum can carry this thing. If you are not in, the LEAST effective behavior is to buy into this now, thinking it will run to 10, or some other number that the hypesters are hyping about. The herd is what drives the price, while the smart money (those who operate with some form of valuable information) capitalize on their reactions. Charts and technical analysis can provide ways to measure risk and prepare for higher probability opportunities IN ADVANCE. The low 2.00 area is the current support point that is in play. Meaning, IF price retraces from current levels, the most attractive location in terms of probability is this the 2.00 area. Smart money waits for these, and assume no risk in the process. If you are a new investor, and you find yourself consuming "news", "fundamental stories", and advice from inexperienced and self proclaimed authorities, you are much more likely to act irrationally. And it is this irrational behavior that drives the herd mentality. Learn to recognize the market from the behavior perspective. Charts serve only as a starting point.
BITFINEX:OMGUSD
by MarcPMarkets
15
Patience Will Reap Rewards For $OMG We're taking a look at $OMG because the Quant Market Scanner recommended that we take a peak at these guys (their price action is noteworthy over the past few days). We're going to start with on the one day resolution. Above we have a case of a classic overhead downtrend resistance (short-term) that's been broken (with volume). The latest screenshot shows failed attempts by the price to break above the overhead diagonal downtrend resistance (four failures). All of these failures lead up to the eventual explosion above the overhead downtrend diagonal resistance. Zooming in a bit closer, we can see that there was substantial volume accompanied with this break as well (which is typically what we want to see as a *confirmation* of a legitimate break above the overhead diagonal downtrend resistance). Another Look at Things If you're not a believer in the idea that there was a legitimate overhead diagonal downtrend resistance suppressing the price, then perhaps the overhead horizontal resistance presents itself as a more palatable theory. See below: If This is the Case Then we'll have an easier time plotting a potential 'retouch' (if there is one) for the price. > 'Retouch?' Typically when there is a break over an overhead resistance of some sort (or vice versa), the price tends to retest the former resistance as a support point during its ensuing consolidation period (if it comes to that). Conversely, if the price breaks below a major support that had ben thwarting continued price action, then there is usally a re-test of the support as a resistance point before the price moves further south. Here is What That Would Look Like Assessing Distance Between Current Price Action and the Underlying Support (former overhead resistance) We're going to map our trading strategy around the assumption that the price does consolidate at some point in the near future to re-test that previous overhead horizontal resistance as a support before continuing north. However, before we can solidify this as an idea, we need to make sure that the distance between where the price is at (at the time of writing) and the (now) underlying support is not too great (otherwise, this may be a no go). Perfect, just -5% from entry position (if we were to place a bid at th8e current floating exchange rate for $OMG). Looking For the Next Overhead Resistance There isn't a lot to go from...but there is something. See below: As shown in the chart above, we drew our overhead resistance by using the previous localized ATH on the chart (dating back around May 21st/22nd, 2020) - which is priced at $1.90. Distance Between Current Price Action and the Overhead Resistance We Drew To get a sense for our potential upside on this move (assuming it plays out), we're going to measure the distance between where the curren floating exchange rate for $OMG and that overhead resistance point ($190). Conclusion 1. $OMG is already on a "winning streak" currently (heavy uptrend over the last few weeks), so we're not going to waste too much time looking at momentum indicators here since we're not in a rush for this move to play out. 2. There's a clear underlying support point that **should hold up** (unless there is some catalyst for negative price action for $OMG that creates this bearish price actoin with such volatility that it breaks straight through the underlying support). We doubt that any such event will manifest (unless it involves the broader crypto markers in some way). 3. The overhead resistance is pretty intuitive at this point as well (there's no other logical place to draw an overhead resistance target ; the $176 price amrket has no other interactions with $OMG's price action that would justify us marking it out as an overhead resistance point). Drawing Up an R/R From Here This feels like a fair R/R for $OMG currently:
KRAKEN:OMGUSDLong
by librehash
3
Don't miss the great buy opportunity in OMGUSDTrading suggestion: . There is a possibility of temporary retracement to suggested support line (1.5200). if so, traders can set orders based on Price Action and expect to reach short-term targets. Technical analysis: . OMGUSD is in a range bound and the beginning of uptrend is expected. . The price is above the 21-Day WEMA which acts as a dynamic support. . The RSI is at 65. Take Profits: TP1= @ 1.6000 TP2= @ 1.6350 TP3= @ 1.7600 TP4= @ 1.8500 TP5= @ 2.0200 SL= Break below S2 ❤️ If you find this helpful and want more FREE forecasts in TradingView . . . . . Please show your support back, . . . . . . . . Hit the 👍 LIKE button, . . . . . . . . . . Drop some feedback below in the comment! ❤️ Your Support is very much 🙏 appreciated! ❤️ 💎 Want us to help you become a better Forex trader ? Now, It's your turn ! Be sure to leave a comment let us know how do you see this opportunity and forecast. Trade well, ❤️ ForecastCity English Support Team ❤️
BITFINEX:OMGUSDLong
by ForecastCity
10