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.