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 $1000. I love investing in 9's. We saw it with Walmart recently and I really look for these trades.
Hey, goldbug1! Thanks for the insight as well. However, I believe there are a couple of things to consider before claiming a 8$ coin can to 30-40$ easier compared to a 300$ coin going to 1200$. We have to take marketcap in consideration. With a current MC of about 833 million, for OMG to go 30-40$ it has to well go in top 10 and maybe even top 5. Is it possible-of course, but it's a hard thing to do. OMG is up close to 25x from the ICO price, which is also to be considered as the market could be a bit washed up. A 300$ coin could just have a lower supply and lower MC, so going to 1200$ can be just as easy. We can't be blindly looking at coin prices to determine how far the price can go. I do agree that something that is 9$ is likely to test 10$ as it's very close and it's a nice emotional round 2-digit number. So possibly there will be some excitement there as well.
CrowEel
⋅
@kurrkabin, it’s all relative, so OMG could go up to 30-40$ and still be outside the top 10.
SafeGamble
⋅
The market has gone from 7 to 200 billion, the year isn't over yet and there might be a bull run getting dressed to kill. Previous years pale in comparison and this could be the first of a truly bullish awakening on a market that's been a sleeping giant setting up for disruption – pretty much like an accumulation stage gets ready for a breakout. OmiseGo checks all the boxes and traders/investors in late 2018 that look at the token price a year earlier in awe might be beating themselves up for missing this opportunity. Or not. :-)
Disclaimer: the views herein are my own non-professional vice. I own OMG, that is plain to see. :-D
ElieCS
⋅
What exchange do you use for altcoins?
halcy0n9001
⋅
@ElieCS, checkout coinmarketcap for the exchanges omg trades on.
What do you think about the market OMG/BTC? Will it go the same direction as OMGUSD?
goldbug1
⋅
@DanDee, I used to look at everything in BTC but because BTC moves so fast I look at USD now for all coins. You can do it all in BTC but when I look to see how much money I make i want to see USD
pwn3dn00b
⋅
@goldbug1, Where do you trade via USD? Bitfinex is kicking out all US customers from what I have seen, and I thought they were the biggest/safest exchange that allowed Crypto/USD. Do you trade on CCex? Sorry for the dumb question, but I have been wondering where all the USD traders trade, and if the fees are higher or lower than trading in BTC on Bittrex and the like? I would assume it makes more sense to trade in USD, since BTC is flailing about madly these days, sometimes to the better and sometimes not.... Thank you, and again sorry for the dumb question, or the dumb person asking the question depending on how you view said questions.
RedFox-6
⋅
@pwn3dn00b, Bittrex and Kraken can be used for USDT/USD trading.