After finding the support at $5, OmiseGo went up to almost $30, resulting in a huge 445% growth in just over a month. Obviously, $30 psychological round number has acted as a strong resistance, which is also confirmed by the 261.8% Fibonacci retracement level.
While the $30 resistance is respected it is likely that OmiseGo will correct down towards either $20 or $17 support levels, that is 161.8% and 127.2% Fibonacci retracement levels. At the same time trend remains bullish and the resistance should be watched for a breakout where the uptrend might continue. Nevertheless, now it could prove to be risky buying OmiseGo as the resistance is holding.
While the $30 resistance is respected it is likely that OmiseGo will correct down towards either $20 or $17 support levels, that is 161.8% and 127.2% Fibonacci retracement levels. At the same time trend remains bullish and the resistance should be watched for a breakout where the uptrend might continue. Nevertheless, now it could prove to be risky buying OmiseGo as the resistance is holding.
Comment:
OmiseGo still within the trading range, first support rejected, so could go higher
Trade closed: target reached:
downside target reached