Community post
OMG - correction is over (good entry point)
Disclosure: I have a long trading position in OMG / USD
I think the corrective wave is now over and offers a good entry point for OMG.
The correction represent 62% retracement which is a good correction. Of course it can go even lower so in case you take a long position don't forget to put a stop-loss.
MACD is about to cross which should give good momentum to the coin.
https://steemitimages.com/DQmXet4UbYGVt9MVNHaBghkNX99xkFJ45HM3AR92TMXywFP/2018-03-09 à 17.50.14.png
Legal Disclaimer: I am not a financial advisor. This article is only meant for use as informative or entertainment purposes. It is not a recommendation to buy or sell anything.
Replies (3)
Not sure if OMG can really be analysed (technically) independently. I guess it correlates too closely to the overall market which is (still) tied to BTC's mood.
Interestingly there has been a tight correlation between BTC & OMG throughout 2018: https://i.imgur.com/iS0cliP.png
Yes but like we say in risk management corrections are meant to break one day or another.
But right now after the slump we had everybody is looking at BTC to give some momentum to the overall market.
yes, and i like the relative strength omg has had the past months...and continues to show