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Maximilian108

OMG/BTC: Market Cycles

OMG Network / Bitcoin (BITTREX:OMGBTC)  
Maximilian108 Updated   
BITTREX:OMGBTC   OMG Network / Bitcoin
Harmonic Patterns Chart Patterns Trend Analysis OMGBTC omise omisego
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harmonicpatterns chartpattern trendanalysis omgbtc omise omisego
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.
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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.
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Short Term trade here or for long term accumulation.
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