OMG/BTC: Market Cycles
Updated
It is not the time for going long on OMG. Profits should be taken from latest bounce.
RSI on daily is showing oversold and a bullish divergence, indicating we could begin trending sideways. Upward trend is highly unlikely. Most alts reverse after 90% retracement.
I am favoring scenario 1 because of the RSI, followed with a continuation of the downtrend. However, with segwit 2x coming in less than a month we have a big unanswered question over the entire market which could be bearish for BTC and alts. Scenario 2 is a possibility.
RSI on daily is showing oversold and a bullish divergence, indicating we could begin trending sideways. Upward trend is highly unlikely. Most alts reverse after 90% retracement.
I am favoring scenario 1 because of the RSI, followed with a continuation of the downtrend. However, with segwit 2x coming in less than a month we have a big unanswered question over the entire market which could be bearish for BTC and alts. Scenario 2 is a possibility.
Note
OMG is at support zone. For those looking to enter we can find a good long term position here, but save liquidity for a lower low to be safe. Seeing a lower low would be an indicator to sell for those holding. Look for support at .001 or .0084 in the case of bear action.
In general I am seeing the volume starting to return to alts, however this pair may have more to fall since it has grown so much recently.
Note
Short Term trade here or for long term accumulation.
Note
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