OmiseGo - October 23rd, Fundamental and Technical Analysis - To The Moon We Go
Good evening traders,
As traders, we learn to separate fact from fiction, by rationalizing, evaluating risk, and precisely timing our entry.
I would like to point out that OmiseGo is backed up by an experienced team who have decades of software development, specializing in blockchain technology.
In Southeastern Asia, 3/4 of people don't have bank accounts, and conversely, 3/4 of people own smart phones. What OmiseGo aims to do is provide an almost-instantaneous payment and transfer solution service from business-to-business, customers-to-merchants, and people-to-people. OmiseGo is currently developing a next-generation transfer service that operates across multiple currencies of fiat and cryptocurrency on a decentralized exchange, through public blockchain at high volume and low cost.
OmiseGo has penetrated specific markets such as Thailand, with massive merchant partnerships and big-name companies such as McDonalds. With the combination of their team (Vitalik Buterin, the founder of Ethereum, is an advisor), their adoption, mass penetration in Asian markets, and goal of growing economies, it is no doubt that OmiseGo has earned it's all-time-high of $13.70
Last night, it was important to precisely time our entry by counting waves with Elliot Wave. We see doubt, fear, caution, combined with pure hype and excitement as well.
Let's take a look at the status of OmiseGo from the perspective of Elliot Wave before this jump in price.
As I currently write this, we have seen a surge from the low $7.00s to a whomping $8.15 within hours.
What is setting off this sudden impulse? We have finished impulse wave [1], and the corrective wave [2], in a beautiful ABCDE correction. Now we are making way to starting wave [3]. Catching wave [3] is a beautiful thing of the primary trend.
We take wave [1], and use fibonacci extensions, with our first target as identified in the chart.
The fundamental analysis and expectations plays a pivotal role for this breakout. We must firstly understand that the correction of the initial wave has finished and that 2017 Q4, the OmiseGo network and digital wallet framework are to be launched, fueled by positive news of partnerships.
It is no doubt in my mind that OmiseGo has the potential to reach the targets I've identified in the charts. As we currently stand this moment, I am in awe, looking at my profits and the beautiful impulse move up.
I hope to see you all join the OmiseGo rally. There is no doubt in my mind that with Wave [3] beginning, we'll hit our first target of $14. With much anticipation for the Q4 network and digital wallet framework release, using Fibonacci 1.618 as our target, we may also reach an all-time high of $28.
May the profits be forever in your favor.
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I am a full-time day-trader with a background in mechanical engineering technology and mathematics.