BITTREX:OMGUSD   OmiseGO / US Dollar (calculated by TradingView)
After finding the support at $5, OmiseGo went up to almost $30, resulting in a huge 445% growth in just over a month. Obviously, $30 psychological round number has acted as a strong resistance, which is also confirmed by the 261.8% Fibonacci retracement level.

While the $30 resistance is respected it is likely that OmiseGo will correct down towards either $20 or $17 support levels, that is 161.8% and 127.2% Fibonacci retracement levels. At the same time trend remains bullish and the resistance should be watched for a breakout where the uptrend might continue. Nevertheless, now it could prove to be risky buying OmiseGo as the resistance is holding.
Comment: OmiseGo still within the trading range, first support rejected, so could go higher
Trade closed: target reached: downside target reached

Comments

Hey @OpenBlock , I'm on the bullish side because of its fundermentals, particularly vs XLM and XPR. I've a post here
+1 Reply
@monkia, could very well go up, the only problem i see is a strong resistance that has been rejected, break above would confirm uptrend continuation
+1 Reply
monkia OpenBlock
@OpenBlock, agreed, certainly not a done deal. I'd be slight more worried about that level if it eased its way up to it, but it was significantly over extended that day, up 30%. Also, on the bitfinex (biggest exchange of OMG at 20%) it isnt confirmed by any FIB level - it's sitting right between two, which is typically a poor resistance area.
+1 Reply
@monkia, according to my analysis its a key resistance... my entire analysis are not on there charts, since it would make chart unreadable for general public
+1 Reply
monkia OpenBlock
@OpenBlock, ok, got it thx. We are a little way of that for now, particularly if BTC keeps misbehaving! :-)
Reply
@monkia, good luck to us :)
+1 Reply
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