Every Thursday/Friday I'm gonna do a write up on one Altcoin that has the potential to grow over the next week - month. Giving the current market, Altcoins pump but then almost do a 70-100% retrace. So having a short-term trade over a few days to a week can be very profitable.
I will describe the coins briefly but show a full trend chart and Ichimoku Cloud Analysis. we'll also try to look at the upcoming news.
The coins will be good projects and also can be considered as long-term trades for holding. I'll do my best to give out targets but, it's best to pick those yourself.
OmiseGo (OMG)
With Bitcoin pumping at the moment, we can get a good price on a lot of altcoins, OmiseGo (OMG) is a great project. They have a very good team, high-level partnerships and access to a developing market. Longterm this coin looks like it has great potential. But for now, I'm looking at a swing trade.
Basically, OmiseGo is an e-wallet and payment platform operating across currencies and assets.
OmiseGo will create a platform for managing fiat/cryptocurrency/other assets with its powerful wallet Software Development Kit. OmiseGo builds a liquid on-chain decentralized exchange and off-chain payment network to make its ecosystem work
What is a Swing Trade?
Swing Trading is a short-term trading method that can be used when trading stocks and cryptocurrencies. Whereas Day Trading positions last less than one day, Swing Trading positions typically last two to six days, but may last as long as two weeks.
Technical Analysis
Trend
Price is sitting in the lower part of a downward channel. (The two green trend lines).
At present time the pattern on the chart is called a 'Bull Flag'. This is a very positive indication.
(As I was typing the price broke upwards of the bull flag)
I expect the bull flag to complete which should point to a 30% gain.
MACD Indicator is turning upwards and has created a higher low.
RSI is trending upwards also.
Volume looks good, people were collecting and holding the coins.
Ichimoku Cloud
On the 4hr Ichimoku Cloud Chart, we can see the Tenkan-Sen line (Green Line) and the Kinjun-Sen line(Pink).
The Tenkan-Sen line (Green Line) has crossed the Kinjun-Sen line(Pink) indicating a buy signal and a weak bullish signal.
The Red Cloud is a resistance area, if the price enters and a 4hr candle closes in the cloud, we will see the price hit BTC: 0.00165825.
Will update this section later if anything changes.
News
Rumours of positive partnerships with two companies: Greylock Partners & Hubii.Network
Release of Roadmap Today 27th of October
Conclusion
OmiseGo (OMG)
Current Price: $ 7.93547531 BTC: 0.00135250
Target Price: $10.31 BTC: 0.00175825
Stop Loss: Wherever you feel comfortable.
So everyone is clear, this is not investment advice. If you do decide to trade please be cautious as the market is unpredictable and heavy losses can occur.
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