This weekend has been all about Ethereum which is outperforming most altcoins. Frankly, I think many altcoins have been so pumped, they are due for serious corrections. They have not had buyable daily charts, aside from FOMO hope & pray or fast day trading. While my day trading has had decent returns, a few mistakes have reduced my profit substantially. Overall it's not worth the effort, and I prefer to go back to daily and weekly charts.
Well, OMG was rallying against eth today. Some longer term (daily) indicators support a larger rally. Possible inverse H&S, oversold stochastic.
I don't know how to read a chart. But the coin itself as a project is pretty solid. It a payment gateway of sorts, that is coin agnostic for the user. Their focus is is in Asia, where there is a large amount of the population have no actual bank accounts. It's about banking, the unbanked. Now, any tips/links to understanding a chart shoot em my way =)
As for this coin it has had a run up but has had much trouble breaking 25 or even staying there for too long. But I am long on it. So long as I've had it, ETH has outperformed it, but I believe this going will have it's day.
I agree, but lots coins have fundamentals that all sound great. So, I use a combination of fundamentals and price movement to make my picks.
OmiseGo doesn't look bad at all, being price-stable against Ethereum is great. If you look at OMGBTC or OMGUSD, it is doing well.
Understanding charts is really more art than science.
One tip would be using moving averages:
- Trend: A price above the moving average indicates an uptrend. You usually want to be on the side of a longer term uptrend.
- Mean reversion: A price always eventually reverts back to the moving average. So, sometimes you can tell when a price is "stretched" by comparing to its moving average and historical behavior.
- The 50MA is pretty good on all timeframes, but others work too in different situations.
As for this coin it has had a run up but has had much trouble breaking 25 or even staying there for too long. But I am long on it. So long as I've had it, ETH has outperformed it, but I believe this going will have it's day.