IamCryptoWolf
Long

#OmiseGO. Why this price surge ? Detailed Technical Analysis.

BITFINEX:OMGUSD   OmiseGo / Dollar
Everyone is asking why has OmiseGO grown so fast last past days with no news.

Well news are two:

1. OmiseGO at current marketcap is undervalued compared to other cryptos as it's an easy top 8 project. This means a 8 - 12 Billion marketcap. I see price growing from 5x to 7x from where we are now.
2. Technical Analysis . OmiseGO has been correcting since last months and bottomed at 5.5.

At 5.5 all indicators turned bullish as we can see from the different pairs:

Lets start from OMG/USD:
Price bounced at historical support, drawing higher highs and higher lows.
At the moment we are facing upper channel resistance

OMG/BTC:
Looking at the chart below we can see a Bullish divergence:
snapshot

Definition of Bullish divergence: We have a bullish divergence when the price makes lower bottoms on the chart, while your indicator ( MACD in this case) is giving you higher bottoms. After a bullish divergence pattern, we are likely to see a rapid price increase.

Nevertheless we have broke daily MA50 and price eyes next resistance daily MA100

OMG/ETH:
Looking at the chart below we can see a Bullish divergence and a double bottom:
snapshot

Price broke daily MA50 and is facing resistance of daily MA100

These are all reversal signals that a trader must recognize.


Targets:

Based on what written above about marketcap.
I consider OmiseGO an easy top 8 project.
In terms of price this would mean a 5x to 7x.

Kommentar: OMG eyes last resistance at daily MA100 before a new impulsive wave.
snapshot
Kommentar: ascending triangle

short term target

snapshot
Kommentar: Broke upper channel resistance.
snapshot


OMG eyes 50s target
In my eyes two things are at work here:

1]OMG has been following the market with the BTC crash. I feel like we are at the bottom at present and the worst is over. alts are starting to recover.

2] Some tweets by Jun about DPoS coming next year are promoting buy volume as people aim to stock up on OMG with the aim of running a masternode. The minimum requirement is unlikely to be below 1000, which means those interested will possibly cause a noticeable increase in buyvol.
+1 Antworten
great explanation, thanks
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Wow http://omisegochart.com/
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You really see the omg/eth ratio going to 0.09 - 0.1?
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IamCryptoWolf b_fairheart
@b_fairheart, i would look at 1.618 and 2.618 fib level
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You have done such a great job at explaining the details of your findings with such depth. Much appreciated from a new persons perspective. Thank you for your insights!
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IamCryptoWolf ThelemaAZF
@ThelemaAZF, thanks
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thoughts on OMISEGO following ethereums price path?
Could we see $800+ end of 2018
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IamCryptoWolf aWElyzian
@aWElyzian, honestly i don't know and nobody can now.
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Bjornp79 IamCryptoWolf
@IamCryptoWolf, Maybe in time as the data shows up you will know :)

Thank you for your analys. Almost got a friend to get OMG but shes sooooooooo afraid, already missed out on 100% gains in a week. Still trying though...
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