OMG (OmiseGO) eying for a big move towards 40 dollars
Updated
Hello fellow traders/investors,
I have seldomly seen a cleaner technical picture of an asset. Target of this 'bazooka' is around 40 dollars, depending on the pace of the move.
RSI on the 4h chart is rather high, which is not necessarily a bad thing going forward. On the contrary, it's rather typical for a bullishly trending asset. It's also noteworthy it's not an high RSI reading accompanied by strong resistance, as it was the case on numerous occasions in the past (exactly that trendline of the 'bazooka' I am talking about in this Idea, which aims way higher on this occasion).
The high RSI reading means though, OMG could (no certainty at all) cool off a bit in the short term. I think the 17.5-18 usd range is an interesting place to initiate or add to positions.
I will try to provide some updates of the shorter frames later on.
I wish you all the best in your trading/investing endeavors.
I have seldomly seen a cleaner technical picture of an asset. Target of this 'bazooka' is around 40 dollars, depending on the pace of the move.
RSI on the 4h chart is rather high, which is not necessarily a bad thing going forward. On the contrary, it's rather typical for a bullishly trending asset. It's also noteworthy it's not an high RSI reading accompanied by strong resistance, as it was the case on numerous occasions in the past (exactly that trendline of the 'bazooka' I am talking about in this Idea, which aims way higher on this occasion).
The high RSI reading means though, OMG could (no certainty at all) cool off a bit in the short term. I think the 17.5-18 usd range is an interesting place to initiate or add to positions.
I will try to provide some updates of the shorter frames later on.
I wish you all the best in your trading/investing endeavors.
Note
Looks like we finally found a good bottom.
Note
Ma50 4h is still above price and will be solid support. Trade (and target) is still valid in my opinion.
Note
OMG still above ma50 4hs, not exactly going op hard again, yet. We have strong support from Bollinger bands, ma50 and horizontal base (triple support) in the ellipse zone.My take is, trade and target still valid.
Note
Ma50 4h seems to be the support I expected it to be. 
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