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OmiseGO/Bitcoin Buy-on-a-dip Trade Idea

OMG/BTC has been bullish. OmiseGo has been resilient when Bitcoin rallied. Still, we can see that it has been in a correction as Bitcoin pushed back to 18,000 USD during the 12/16 session.

OMG/BTC 4H Chart

  • First of all, OMG/BTC is still bearish in the medium-term.
  • But since last week, price has found support and has been building higher highs and higher lows.
  • It is going to build into a medium-term uptrend? 
  • If so, price should hold above the 60,000 satoshi level. 
  • We are actually seeing price already finding support at the 70,000 sat level. 
  • But lets say it gets another dip towards 65,000. I think this could be a good place to consider a buy, with consideration of scaling in again if price gets to 60,000.
  • Let's see if price will indeed come back to this area.
  • If you scale in and get in at 62,500, a medium-term upside to 100,000 provide over 50% upside. Meanwhile, you can probably limit the downside risk to close to 13.5%.
  • A slightly less aggressive target at 90,000 still offers 44% upside.

PowerLedger/Bitcoin (POWR/BTC) - All Targets Reached; Awaiting Pullback

Ripple Coiling in the Short-term Against Bitcoin and US Dollar