Clearly, OmiseGo trend is up, while it continues to produce higher highs and higher lows, not to mention that price stays above the 200 Moving Average. While the trend up is valid it is just a matter of searching for a perfect buying opportunity.
Is it possible that today is the day? The opportunity day? Well, it certainly could be!
OmiseGo has reached the high at btc 0.0019 and corrected back to btc 0.0016 where currently it is facing a very strong support.
- The lower trendline of the ascending channel is being rejected.
- The 3/1 Gann Fan is being rejected.
- The 38.2% Fibonacci retracement level is being rejected
- The 200 Movin Average is being rejected
The support at the btc 0.0016 is massive and if OmiseGo will hold this area, the probability of the uptrend continuation shall be extremely high. Although it could be better to way for a confirmation – break above the downtrend trendline.
On a downside, break and close below btc 0.0016 might result in further correction down towards 76.4% Fibs at btc 0.0013, from where the long-term uptrend is expected to continue.