As the price of OmiseGO has begun to steadily increase, a major point to consider is the retracement of the price. Due to this, I have applied a few fibonacci retracement
levels that seem to be very relevant at this current price point. Recently bouncing off the 38.2% fib retracement level, OMG is now testing old resistance levels to see if this bullish
push is able to continue. In terms of this resistance level
, if the current candlestick
and (preferrebly) the next close above this resistance level
, this would be considered a solid entry point. Even more so if the price is able to surpass its previous high at 0.001844. If the price were to reach this level and reverse due to forming a double top
pattern, the bearish
targets would be around the 50% fib retracement level, where the most recent push started. This is not marked on the chart due to the slim chance that this will happen. I'm making the assumption that this level will be breached but very gradually due to the great decrease in recent volume
. If the price doesn't continue to increase immediately after breaking the mentioned resistance level
, the price may reverse and encounter strong support levels at the Leading span A of the ichimoku cloud
, the 3/1 Gann fan
line and the 61.8% level of the longer term fib retracement. This area is where I expect the most support to lie and be the reason for a bullish
reversal that will lead the price to its next (higher) high price.
Important Resistance Levels: 0.001992, 0.001802, 0.001629
Important Support Levels: 0.001409, 0.001122
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Senior Research Analyst