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OMG likely to go and retest previous resistance (40% gain)
Disclaimer: I am not a professional trader and this is not financial advice, just an idea of what I see. Crypto has a high risk/high reward ratio and moves faster than traditional markets. Only bet what you can afford to lose.
It looks like we have a lot of top altcoins that have finally reached their bottom, OMG looks like it is about to shoot up to the daily 200 MA and retest a previous resistance level.
A pretty obvious double bottom has occurred in the past 2 months, drawing a clear support at the 9000 satoshi range.
OMG has attempted to breach the daily 50 MA 3 times until it finally breached and held it.
Today it started breaching the first resistance level between 11000 and 12000 satoshi, gaining momentum.
We can also see a nice cup in formation, the bottom of which is a nice 2 months of consolidation.
The potential gain from the current price is roughly 40% if we continue the uptrend and as we start tickling the daily 200 MA to end the cup formation. I would assume this to occur within the next 2 weeks, maybe earlier.
How I would trade this:
Entry: now with a stop at 10000 around the daily 50 MA and a sell order at 9500 to give it a bit of legroom to avoid getting our position taken out too early. Taking profit at 17000 satoshis where I expect OMG to be pushed back a little to form the cup's handle.
It looks like we have a lot of top altcoins that have finally reached their bottom, OMG looks like it is about to shoot up to the daily 200 MA and retest a previous resistance level.
A pretty obvious double bottom has occurred in the past 2 months, drawing a clear support at the 9000 satoshi range.
OMG has attempted to breach the daily 50 MA 3 times until it finally breached and held it.
Today it started breaching the first resistance level between 11000 and 12000 satoshi, gaining momentum.
We can also see a nice cup in formation, the bottom of which is a nice 2 months of consolidation.
The potential gain from the current price is roughly 40% if we continue the uptrend and as we start tickling the daily 200 MA to end the cup formation. I would assume this to occur within the next 2 weeks, maybe earlier.
How I would trade this:
Entry: now with a stop at 10000 around the daily 50 MA and a sell order at 9500 to give it a bit of legroom to avoid getting our position taken out too early. Taking profit at 17000 satoshis where I expect OMG to be pushed back a little to form the cup's handle.
註釋
As we have breached and closed the first resistance level, there's a second one to close above between 12400 and 12900. If this occurs, we're very likely to see OMG shoot up to test 17000 satoshis.註釋
Well, as usual when BTC takes a drop, so do the Alts.OMG is still above the 50 daily MA.
If you have opened a trade as I suggested above, ensure you have your stop-losses set up correctly. A 10% drop isn't anything new in crypto.
If you haven't opened a trade just yet, I would wait for OMG to test it's lower support level at the 10000 satoshi mark which coincides with the daily 50 MA and see what it does.
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