In general, the alt-coins are seeing outsized gains and performing strong. I use alt-coin performance as a gauge of risk appetite, just like I would analyze small companies in the stock market to see if investors and speculators have a risk-on or risk-off bias.
When Bitcoin is performing well, but alt-coins are performing even better, then that means we are in full Bull Mode. It’s time to be aggressive and make sure to take our profits before we see a crash and/or lose opportunity cost with long multi-month consolidations with no movement.
OMG BREAKING OUT:
OmiseGO is breaking out of a 3 month long consolidation pattern that you could call a . It tried to break down below that level in early November but the bulls came in and rejected any larger correction. When that happens, it’s a VERY sign. The weak hands are shaken out and we are only left with buyers. The break out wasn’t at super hero lightning speed, but it looks healthy. We broke out of the descending and retested that level before finally starting a steady march upwards.
We are above all moving averages and there is clear skies until we reach the old highs at around 14$. Then, our next target is the 161.8% Fib retracement level at 19$. That’s a 100% move from today. Make sure to take your profits, reducing your size at each level, because if we move into a RISK OFF mentality, then these could fall fast. Take your profits at your targets!
Stop would be under the break out level, call that 7.50 or 8.
Please message me with your questions or thoughts.
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