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by Seth Parker on June 7th, 2018

OmiseGo Analysis – 12 USD as a strong resistance

Thursday starts with the analysis of OMG, so OmiseGo. The last time, we analysed this altcoin on the 24th of May, when the price was around the 10.4 USD. We were bearish and we were waiting for the further decline towards the 7.5 USD, which is the ultimate support for this crypto.

Unfortunately, the price declined only 1 USD lower and the price reversed. It does not mean that we do have a buy signal here, no. The situation is still bearish and the current upswing can be considered only as a trend continuation pattern. OMG is still below the resistance on the 12 USD and as long as we are below, the sentiment is still negative.

OmiseGo Chart

Actually, price getting there will be a good selling opportunity. We already tested this line on the 3rd of June and the second test, with a bearish price action, would be a marvellous occasion to go short. On the other hand, the daily candlestick closing above the 12 USD would be a positive sign and an invitation to go long.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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