OMG looks to be approaching a good opportunity for a bounce off of a previous trend line right around the long term 61.8% Fibonacci retracement area. This looks like it might be confirmed by hidden bullish divergence on both RSI and MACD for a continuation of the bullish trend.
I recently published as well how there was a double bottom for OMGBTC that looks to still be possible for a breakout with strong potential resistance afterward. If indeed there is a bounce and potential breakout, it could be some fairly positive news for OMG over the next few weeks. However, if the support fails for that trend line, particularly if BTCUSD drastically drops, then OMGUSD could likely follow with a rather precipitous drop as well.
However, there are still lots of bearish thoughts going around right now for BTC, so please like if you agree or comment or see anything differently, as I would love to hear any counterthoughts as well.
@schismlj, very much so agree; I feel that way about any alt to be honest (although COMPBTC might be a rare example as of late that shows otherwise). However, with the current trend for OMG/BTC, I think if a drastic drop for BTCUSD is avoided, it at least does leave open the possibility for an OMG boost.
Chipsta
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Stupid question bud I’ll ask anyways.... How did you know where to draw the purple line, the red line off of it, and the orange line? And it looks like it’s playing out $$ hopefully it bounces and breaks out upwards
skybays
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is your fib settings in non log? because if so this could change your overall analysis
crypto_trends
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@skybays, I generally do a mix of log and non-log, as I feel like both lead to some fairly strong conclusions, but I generally find logarithmic to be more definite over longer time periods. Hence when it comes to the daily chart, I often only show logarithmic if focusing over a longer period of time for a more definitive trend. In this case, I maybe should have zoomed in a little to make that emphasis, but completely agree that the log/non-log change can easily change ones perspective.