OMG has kind of lagged the market as of late. Yes it's off it's monthly low but other coins have rallied to new highs or have started their bullish breakout. OMG appears to be setting up to do the same and as a long term investor I feel we may get that momentum we have been patiently waiting for. It was nice having Cash on Deck to buy some up at these cheaper levels as this is a great coin with great potential. Of course this is my opinion, but if you have followed me for a while this was the thoroughbred of my portfolio, and hopefully after some rest it resumes it's championship ways.
With OMG there are two critical levels to break. The $8.70 level and then the $10.30 level. But note how lined up the support and resistance line (magenta) is with the 0.5 retracement of the correction. We also have resistance that has formed at the 0.382 or the $8.70 current resistance level. I'm thinking since the levels are so close we may get a break a bounce and then consolidation between the 0.618 and 0.5 level. If there the $9.50 level becomes solid support I think we can look for a trade in addition to adding to our long term position.
I have wrote many articles on OMG. I love this coin and it is one if not my favorites by far. One reason is simple price. It's easier for a $8 coin to go to $30-$40 then a $300 coin to go to $1200. The percentage moves are better with cheaper coins just like cheaper stocks. A $100 move in Amazon or a $700 move in BTC is the same as an 80 cent move in OMG. Which is more likely to happen in a bull market? So I am stocked up with OMG but will not hesitate to add more on a breakout along with a side trade. Another reason it was making the moves with asia minor. Great team, great concept and marketing like mad. If this continues once they get a working product out there the sky is the limit. I like aggressive marketing and coins like DASH and OMG (speculative still) are at the top of my list.
That leads us to the bull market comment. Has the market finally turned bullish again? We are not just seeing rotation from Bitcoin to alts and then back. I looked at the market cap and the alts have finally reached new highs as far as market cap goes. This on top of Bitcoin maintaining it's price structure and appearing to setup for another leg up. It's phenomenal to say the least.
Finally the alt market has breached 100 billlion and though it pulled back is trading above 100 billion again. Now does this mean the bull is back? Let's not break out the chips and salsa yet, but we may want a make a run to the store to have party supplies on hand. It's looking good, this could be the sign new money is finally starting to flow into the market.
I want to mention the 9 theory! $9 stocks generally goto $10, $90 stocks generally goto $100 and $900 stocks go to $1000. I love investing in 9's. We saw it with Walmart recently and I really look for these trades.
Have a blessed Sunday!
With OMG there are two critical levels to break. The $8.70 level and then the $10.30 level. But note how lined up the support and resistance line (magenta) is with the 0.5 retracement of the correction. We also have resistance that has formed at the 0.382 or the $8.70 current resistance level. I'm thinking since the levels are so close we may get a break a bounce and then consolidation between the 0.618 and 0.5 level. If there the $9.50 level becomes solid support I think we can look for a trade in addition to adding to our long term position.
I have wrote many articles on OMG. I love this coin and it is one if not my favorites by far. One reason is simple price. It's easier for a $8 coin to go to $30-$40 then a $300 coin to go to $1200. The percentage moves are better with cheaper coins just like cheaper stocks. A $100 move in Amazon or a $700 move in BTC is the same as an 80 cent move in OMG. Which is more likely to happen in a bull market? So I am stocked up with OMG but will not hesitate to add more on a breakout along with a side trade. Another reason it was making the moves with asia minor. Great team, great concept and marketing like mad. If this continues once they get a working product out there the sky is the limit. I like aggressive marketing and coins like DASH and OMG (speculative still) are at the top of my list.
That leads us to the bull market comment. Has the market finally turned bullish again? We are not just seeing rotation from Bitcoin to alts and then back. I looked at the market cap and the alts have finally reached new highs as far as market cap goes. This on top of Bitcoin maintaining it's price structure and appearing to setup for another leg up. It's phenomenal to say the least.
Finally the alt market has breached 100 billlion and though it pulled back is trading above 100 billion again. Now does this mean the bull is back? Let's not break out the chips and salsa yet, but we may want a make a run to the store to have party supplies on hand. It's looking good, this could be the sign new money is finally starting to flow into the market.
I want to mention the 9 theory! $9 stocks generally goto $10, $90 stocks generally goto $100 and $900 stocks go to $1000. I love investing in 9's. We saw it with Walmart recently and I really look for these trades.
Have a blessed Sunday!
