Dear trading friends,
OMG/BTC in its current state is bearish, thats a fact.
First, MACD just crossed signal line going down, which is a sell signal.
It broke the mid-term support line that formed since the begining of february and has been dropping since then.
EMA20 is starting to fall towards EMA50, but at the present time it is too soon to use it as a bear tool.
However, it is about to hit (in the next few days, with maybe a small upward correction first) a very strong support line in place for more than 4 months.
Two scenarios :
* If it bounces on, we are off for a price going to the 1814 sats resistance . That is, in my opinion, the most probable option as the support line is quite strong. This would be a valid entry point, around 1500 sats (when crossing up).
The ascending triangle pattern would be the next target, which is a great bullish tool.
* In case the support line fails, the drop will happen quite fast and OMG should retest the 1200 sats support.
OMG/BTC in its current state is bearish, thats a fact.
First, MACD just crossed signal line going down, which is a sell signal.
It broke the mid-term support line that formed since the begining of february and has been dropping since then.
EMA20 is starting to fall towards EMA50, but at the present time it is too soon to use it as a bear tool.
However, it is about to hit (in the next few days, with maybe a small upward correction first) a very strong support line in place for more than 4 months.
Two scenarios :
* If it bounces on, we are off for a price going to the 1814 sats resistance . That is, in my opinion, the most probable option as the support line is quite strong. This would be a valid entry point, around 1500 sats (when crossing up).
The ascending triangle pattern would be the next target, which is a great bullish tool.
* In case the support line fails, the drop will happen quite fast and OMG should retest the 1200 sats support.
Comment:
Small update: prediction went as expected, support failed and we reached next support.
However, BTC is quite bearish at the moment and failed his supports.
Regarding OMG, MACD went bearish 4 days ago and is still quite bearish. RSI is still high enough (40) to drop to 15-20.
That is why, even though the support line here for OMG is strong, I expect it to fail.
In both case, watch closely and wait before entrying: market is quite volatile at the moment.