OMG USD Technical Analysis

Hey Steemians,

So I recently made a trade on OMG and wanted to share it on here.

Why Omiese Go ?
Ethereum seems to have been the most resilient in this market (considering BTC correction) so I am attempting to make trades which are more likely to have a positive Correlation with Ethereum. In the past OMG has shown to have a positive co-relation with Ethereum.

Factors Considered

1. Market Cap
OMG's Market Cap has significantly Reduced from its high of just over 2 billion.
2. Volume
Volume is the only thing concerning me in the entire Crypto Eco system at the moment however we see that OMG has managed to maintain over 100 million in Volume for the last few weeks and the volume has been consistently increasing for this specific coin which is a positive sign.
3. Development
OMG has recently started becoming increasingly active on Github and Social Media platforms https://github.com/omise/omise-go
4. Positive Co-relation with Ethereum

Indicators Considered

 



 

1. Moving Averages(50 and 100 Day)
In the Image above you can see that the Blue arrow represents the 100 Day Moving Average and the Red Arrow Represents the 50 Day Moving Average.OMG seems to have found significant support on the 100 Day and now appears to be testing the 50 Day.A decisive close above the 50 Day Moving Average on a daily basis would be a good sign for upward price movement.  



 

2. Trend Lines
The lines I have drawn above show the existing trend lines and at first glance what i draw from this is that if indeed OMG is able to maintain above the 50 Day MA on a daily basis we would essentially be breaking out of the downward trend line and we might be see upward price movement.

 
Note : That OMG is currently above the 50 Day MA but we need a decisive close above it on a daily basis to confirm upward price movement

 



 

3. MACD
MACD Appears to be over extended on the sell side and in my opinion now would be a good time to get in.I personally like to get in when MACD is over extended on the sell side as it provides more potential upside.

My Target for this swing trade is 19-20 with possible overshot to 20+

Note: This is not investment advice.
Feel free to ask me any questions that you may have .