OMG/BTC Critical Point

From the 1 Day OMG/BTC chart on Bittrex we can see a clear falling wedge finishing off what would appear to be the right shoulder of the inverse sort (bullish). Where the falling wedge meets support is an area of critical support .00214-.00215. OMG is oversold on the 1Day chart according to the Stoch Rsi and appears to be making a move to neutral. Should test of this support fail, we see a regression towards the main trend line. Although this is the main trend line, we do not see solid support here and it will have to be developed, potentially indicative of a period of sideways movement until more support/news comes our way. Happy trading and please let me know your thoughts.

Ross

Falling Wedge - Dark Green
Main support - Salmon Dotted Line
Trend lines - Blue

Comment:

OMG failed at ~.00214 support and continues its descent down the falling wedge towards the .00185 level. Investor sentiment could be plagued by lack of any recent news regarding OmiseGO. Remember, OMG is OmiseGO. not Omise, its parent company. I would be surprised if it falls below the main trend line, but keep a watch for it as well as a potential break back into the green ichi cloud.

-Ross

Trade active:

Although I had added to my OMG position, it would be unwise to do so with a considerable amount of BTC until after the 1D closes at or above the mean trend line, drawn here. I drew this chart a couple days ago and everything is still in effect, aside from the falling wedge, which was trumped by a rather nasty universal ALT H&S. With many features due in Q4, OMG is going to be a stud -- it is just a matter of time and patience.

Although you cannot see it here. There is a bullish divergence emerging on the OMG 1HR.