OmiseGo (OMG) - Technical Analysis - Broadening Formation - Swing Trade Opportunities?
So I've been interested in OmiseGo (OMG) for quite some time now. I've traded it before, but also hold a long-term position as I love the concept and the project, team and product sounds like a world beater (time will always tell on that front!).
Personally, I'm getting the vibe that we are heading into a less opportunistic trading market (my rough take on Bitcoin in the near future - chart below), so I'm starting to look at a plan that will allow me to continue to build on my portfolio should we see a downtrend similar to last September.
BTC/USDT (Bittrex) 4 hourly chart with long-range forecast (I've left older analysis indicators in which showed a head and shoulders pattern (purple line) then a projected price path towards support at $13,250 (orange arrow).)
Although there is no forecast that can really see how the BTC and wider market trend will go; and nothing can be done if we do see a month of negative price action across the board, there are a few currencies I'm interested in both holding long-term and for occasional trading that will hopefully be fairly resilient should we see a bad month or two. (I.e. I'd be happy enough to just keep any of these longer term)
I'll cover other crypto I'm interested in over the coming weeks; but to start with, let's look at OmiseGo
OmiseGo (OMG)
Why have I chosen OMG?
because of my belief in the product. "billions of computations per second" sounds like a good thing for a payments processing product to have?!
because it was a great buy in July last year (50k satoshis) and went well during the first part of September 2017 (296k satoshis peak on 07/09/17)
because the recent price action is presenting a broadening formation in the charts which can be fairly good for swing trading (see chart below)
recent price is relatively high, but the trend is upward and should Plasma launch (and work!), I don't see why OMG can't be worth more in both USD and BTC value in the longer term. Personally, I'm happy to look at something like Ethereum when thinking about future equivalents to compare (supply, price, use cases).
linked to point 4, there is a chance that news and market hype could lift the price if the market were to become stagnant. N.B. The opposite is also true if it turns out that Crypto Kitties has hampered efforts and delays delivery of Plasma!
Before we get to the charts; I'm always interested to hear what other people think, so feel free to comment or ask questions below!
Best of luck everyone!
OMG/BTC (Bittrex) daily chart with Broadening Formation (orange) and potential channel (yellow)
OMG/BTC (Bittrex) 4 hourly chart - potential to find support on the 50 MA (green line) and remain within the channel marked in yellow
This is post only contains my personal views and opinions and is not financial advice. You should always do your own research and only invest what you can lose to afford.
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so what does OMG infrastructure support?
It'll deal with payment remittance and settlement. They have two main products. The blockchain which is to be used for exchanges, payment gateways and clearinghouse messaging. The wallet will work like other PSP wallets which will be a simple SDK that allows payments to be accepted and managed, but will work with both fiat and cryptocurrencies.
The use cases are endless as ecommerce is so massive these days.
I must say though that it'll only be the flyer that everyone hopes if they deliver all they have promised. The 1 million transactions per second is a fairly massive target that can be said much easier than done. As I touched on in the post, if Crypto Kitties has taken down the Ethereum blockchain, it makes me slightly sceptical, although I do think it's just a matter of time to find solutions if it has caused a problem.
If a similar product comes out on the Ark or Neo blockchains, I'll be buying the hell out of it as they are already showing much better ability to handle massive bandwidth without falling apart.
OMG is a very interesting project with great potential!
Couldn't agree more! It hasn't been the clearest project for the masses to understand, but when you get into the nuts and bolts of what it does, they are solid nuts and bolts!
Yup they have a great future, we just have to be patient!
You said it man!
Hello from steemthat!!
Hey! Thanks for taking a look at my post. I hope it helped?!
This was an interesting post. OMG may very well be a massive profit machine soon! I have just Resteemed and upvoted this post to help share this awesome information. Have a great Sunday.
Many thanks @daviddivergent ! much appreciated!
Yes, I personally feel comfortable with OMG and don't think it can go too far wrong if you're patient and like what they are doing.
Have a great Sunday too man!
This post was resteemed by @steemvote and received a 35.51% Upvote
Resteemed and upvoted with 36.76% by @getvotes