Forum Forums Emerging markets – TA – Forecast OmiseGo (OMG) Forecast Technical Analysis Reply To: OmiseGo (OMG) Forecast Technical Analysis

#17595
margincall
margincall
Keymaster

Lets have a look at the OmiseGo markets versus Bitcoin and the US Dollar.

OMG / BTC

omgbtc market report 24 April 2018

We can clearly see the buying momentum picking up at the start of April and currently found support around the 60 RSI.

The PPO has fallen into the negative confirming that the bears are outperforming the bulls on the very near term, however this market action is quite normal after the market gained almost 60% in less than a month.

We could see the OMG market do another leg up here against Bitcoin should the bulls recapture the 0.0018btc zone and recapture the momentum.

Needless to say should the bulls fail to defend 0.0018 btc we will see a retest of 0.0017 btc – 0.0016 btc.

OMG / USD

omgusd market report 24 april 2018

The strength versus the Bitcoin market is also reflecting versus the US Dollar with steady gains and a very nice bullish pennant on the 4hr candles.

I would put the near term support around $14 and will reconsider my positions should we consolidate below this level.

Resistance is between $16 – $17 and should we consolidate above this I would expect $20 to get tested soon.