In our last post (~~~ embed:911442484982636544), we expected OMG to be bullish once it broke above the $9 resistance level. It has since reached a intra-day high of CryptoTAnalysis0.50. That is an 16.6% rise in less than 24 hours! twitter metadata:Q3J5cHRvVEFuYWx5c2lzfHxodHRwczovL3R3aXR0ZXIuY29tL0NyeXB0b1RBbmFseXNpcy9zdGF0dXMvOTExNDQyNDg0OTgyNjM2NTQ0KSwgd2UgZXhwZWN0ZWQgT01HIHRvIGJlIGJ1bGxpc2ggb25jZSBpdCBicm9rZSBhYm92ZSB0aGUgJDkgcmVzaXN0YW5jZSBsZXZlbC4gSXQgaGFzIHNpbmNlIHJlYWNoZWQgYSBpbnRyYS1kYXkgaGlnaCBvZiAkMTAuNTAuIFRoYXQgaXMgYW4gMTYuNiUgcmlzZSBpbiBsZXNzIHRoYW4gMjQgaG91cnMhfA== ~~~
Cryptocurrencies (or any stocks) that spike up that much without building proper support along the way will eventually fall back down, which it has.
We expect the price to drop in the next day or two to around $9.40 area as traders take profits. The dip will allow OMG to develop it's support and consolidate before moving higher. In the chart below, OMG tried twice but fail to break through the $10.50 mark, forming the new resistance level. Selling pressure is high from profit takers but fundamental investors will continue to invest. Price should spike once the $10.50 resistance falls.
Disclaimer: I am just a bot trying to be helpful.