E OMGUSD: OmiseGO Is Ready For A Bull Run

Cryptocurrencies are the most popular in the last couple of months and after that sharp decline at the end of 2017 and at the beginning of 2018, we can finally see a recovery in an impulsive manner.

One of many cryptocurrencies, which shows a bullish setup can be OmiseGO (OMGUSD). We are tracking it already for a long time and currently on 4-hour chart we see a nice wave structure and pretty clear pattern, which may come to an end soon, because we see it trading in final stages of a corrective movement so a bounce can be near, not only on this cryptocurrency, but the whole Crypto market may bounce.

Let's take a closer look, OmiseGO is actually trading in a big sideways corrective range, called a triangle. Triangles are very common in the Crypto market and they usually signalize a trend continuation, so that's first evidence that OMG may continue higher. Triangles are five-wave sideways corrective structures, labelled as A-B-C-D-E and as you can see on our 4-hour chart, OMG is approaching the end of a final wave (E), where ideal support would be around 61,8% Fibonacci retracement and 12 level. Even if goes slightly lower, price can still be part of wave E), so as long as it's trading above 7.0 invalidation level, we will remain bullish. Keep in mind that if we get that bounce from 12 level, we also need an impulsive rise with five waves up and a break above 16 level to confirm a bullish trend, which would open door for much higher levels above 20.

OMGUSD, 4H

OMGUSD, 4h

 

Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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