Today we will talk about OmiseGO ( OMGUSD ) and its price action + wave structure from perspective.
Some cryptocurrencies were in a massive and impulsive rise since March and one of them is also OMGUSD , in which we clearly see a five-wave cycle into wave A/1 on the weekly chart. We know that after every five waves, a three-wave pullback follows, so an a-b-c correction in wave B/2 could be already in progress, which can send the price ideally back to 50%-61,8% Fibo. retracement before the uptrend for wave C/3 resumes.
If we take a look on a , we can see five-wave fall from the highs labeled as the first leg "a", so current recovery can be only temporarily, as part of a lower degree three-wave (a)-(b)-(c) corrective rise in wave "b" with ideal resistance around 5.0 - 7.0 area, from where we should be aware of another sell-off for wave "c" to complete a higher degree wave B/2. And ideal strong support, where bulls may show up again, would be around the previous wave "iv" swing low and 1.5 .
Be humble and trade smart!
If you like what we do, then please like and share the idea!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.