Overview:
OmiseGo continues to be one of the more undervalued coins in my opinion. One of the key reasons I like OmiseGo is due to the number of Venture Capitalists (VC') that have invested into the company. When I see VC's investing in a new coin this provides additional credibility to the future of the coin as VC's have insight us retail investors do not have. Currently OMG' is #21 in market cap according to coinmarketcap.com. With a hold on the Asian Markets outside China, and a good working relationship with Thailand's government this is one of the most if not the most undervalued coin on the market.
Thailand is ranked 12th among 43 Asian Pacific countries in economic freedom and scoring well above regional and world averages. With a 1.2 Trillion dollar GDP, and the fact outside Hotels and Major shopping malls credit cards are not widely used, OmiseGo has niche itself as the platform of choice as countries enter the digital currency age.
Technical:
From a technical standpoint, OMG' is pausing after rallying back from the $7 low on the 6th of February as it approached the .618 level of the overall correction. These are areas we expect recovery rallies to pause, pullback and consolidate before continuing to rally. The daily candles show that buying has started to exhaust after a clear 3 wave bullish wave movement. Now unfortunately I did not add at the extreme lows, but I am looking to add moving forward as it is likely the correction has ended and we are entering a bull cycle. Elliott Wave combined with Fibonacci provides us insight to where we are in the market cycle, and areas we want to look to add and or sell.
The 14.3 to 15.25 zone is the likely area for a bullish reversal as 14.3 is the 0.618 level from the current bull move and 15.25 is the 0.382 retracement from the overall correction. I will be looking to add a small position in this area and either on a breakout from the bear movement, or at the extreme low of 11.91 which is the 0.618 retracement of the current bullish leg and the 0.236 retracement of the overall correction. This would be an extreme low and offers the best opportunity to position ourselves for the next wave cycle up.
Currently we are targeting this trade for the 22.3-23.9 area.
OmiseGo continues to be one of the more undervalued coins in my opinion. One of the key reasons I like OmiseGo is due to the number of Venture Capitalists (VC') that have invested into the company. When I see VC's investing in a new coin this provides additional credibility to the future of the coin as VC's have insight us retail investors do not have. Currently OMG' is #21 in market cap according to coinmarketcap.com. With a hold on the Asian Markets outside China, and a good working relationship with Thailand's government this is one of the most if not the most undervalued coin on the market.
Thailand is ranked 12th among 43 Asian Pacific countries in economic freedom and scoring well above regional and world averages. With a 1.2 Trillion dollar GDP, and the fact outside Hotels and Major shopping malls credit cards are not widely used, OmiseGo has niche itself as the platform of choice as countries enter the digital currency age.
Technical:
From a technical standpoint, OMG' is pausing after rallying back from the $7 low on the 6th of February as it approached the .618 level of the overall correction. These are areas we expect recovery rallies to pause, pullback and consolidate before continuing to rally. The daily candles show that buying has started to exhaust after a clear 3 wave bullish wave movement. Now unfortunately I did not add at the extreme lows, but I am looking to add moving forward as it is likely the correction has ended and we are entering a bull cycle. Elliott Wave combined with Fibonacci provides us insight to where we are in the market cycle, and areas we want to look to add and or sell.
The 14.3 to 15.25 zone is the likely area for a bullish reversal as 14.3 is the 0.618 level from the current bull move and 15.25 is the 0.382 retracement from the overall correction. I will be looking to add a small position in this area and either on a breakout from the bear movement, or at the extreme low of 11.91 which is the 0.618 retracement of the current bullish leg and the 0.236 retracement of the overall correction. This would be an extreme low and offers the best opportunity to position ourselves for the next wave cycle up.
Currently we are targeting this trade for the 22.3-23.9 area.
