Good Morning, Traders!
OMG has gone bearish starting at the beginning of March and just recently retraced 100% of that price. As the price went bearish, it was hit by the 2/1 Gann fan line matched with a previous support line of 1181 and caused a reversal in the price. Similarly just a few days ago the price reached the 1/1 Gann fan line and fell back beneath it.
According to the Ichimoku cloud, the price is predicted to go bearish and be hit by the cloud as a support line. If this prediction occurs, it can be expected to be hit by one of the support lines of 1620 and 1436, both of which are matched with Fibonacci retracement levels.
The RSI indicator entered in an overbought phase 3 days ago and continues to remain above the 70 mark. This indicates that people will naturally start to sell in order for the RSI to fall back into the normal area.
Important Resistance Levels: 1936, 2236
Important Support levels: 1436, 1620, 1766
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Hammad Fazlani
Research Analyst
OMG has gone bearish starting at the beginning of March and just recently retraced 100% of that price. As the price went bearish, it was hit by the 2/1 Gann fan line matched with a previous support line of 1181 and caused a reversal in the price. Similarly just a few days ago the price reached the 1/1 Gann fan line and fell back beneath it.
According to the Ichimoku cloud, the price is predicted to go bearish and be hit by the cloud as a support line. If this prediction occurs, it can be expected to be hit by one of the support lines of 1620 and 1436, both of which are matched with Fibonacci retracement levels.
The RSI indicator entered in an overbought phase 3 days ago and continues to remain above the 70 mark. This indicates that people will naturally start to sell in order for the RSI to fall back into the normal area.
Important Resistance Levels: 1936, 2236
Important Support levels: 1436, 1620, 1766
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Hammad Fazlani
Research Analyst