😲 OmiseGO (OMG) finally got its long awaited Coinbase listing after a potential listing having been announced back in early 2019. 📈 OMG, as expected, pumped pretty hard going into the listing. While this Coinbase pump has technically exaggerated the existing bullish trend for OMG, any long positions should approached with caution.
On the chart, Fractal Trend is showing an uptrend (Aqua bar color) on the 4 hour timeframe. This represents the bullish price action since the COVID dump followed by the Coinbase pump (and pre-pump). Despite this, we aren't looking to trade this Coinbase pump ourselves, instead we are just going to map out some key levels for those who are.
To the upside we have a path of bullish continuation. On this path we expect reactions at R1 - R3.
To the downside we have what is a more likely path, here we have support levels marked S1 - S4 with S1 being a logic spot for a dead cat bounce.
For those looking to enter a longer term position, the levels below present themselves as reasonable places to look to build a long position. For those wanting to play the Coinbase listing pump, or for who already are playing it, each resistance level should be taken seriously. It is hard to see unlimited upside for OMG while other crypto assets are struggling to retain their uptrends.
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1. Fractal Trend is showing an uptrend (Aqua bar color) on the 4 hour timeframe. This represents the bullish price action since the COVID dump along followed by the Coinbase pump (and pre-pump).
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua line color) and/or bullish S/R levels plotted by Directional Bias (Aqua line color).
3. Right now we are looking for a long entry off the range formed by the previous S1 bullish S/R flip at the bottom of the pennant.
4. Our stoploss is placed below the S1 S/R, well below the previous candle closes where we expect to find support.
Ultimately the trade here is simple, buy the clear support below and target another test of the resistance at R1.
@pegaz, waiting to see if we get a reaction off S1. This move down has been correlated with the broader crypto market, so a retest of the previous range is dependent on what the broader market decides to do here. If we do go lower though, we will be looking at S2 for support.