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OMG Setting Up Well

Cryptocurrency OmiseGo (OMG) is setting up well in what appears to be a double bottom base. When looking at the chart, there are a few things I really like. First, after a shakeout which took out the prior low, we saw some nice support off the $2 range. Since then, we've seen strong accumulation to $7 followed by overall constructive action this week. If OMG can clear recent resistance, I believe it has the potential to join some of the other altcoins that have been experiencing speculator gains in this raging crypto bull market. As always, due to the volatile nature of crypto trading, I always have a stop loss in place to limit my risk. The key is not to rely on predictions, but to focus on risk to reward. An altcoin can easily double, but there is also always the risk of a massive decline. By limiting your loss to 20%, a gain of 100% would offer a 1:5 risk to reward ratio. While you will never be perfect, taking this type of asymmetrical setup can lead to profitability in the long-run when combined with sound technical analysis.

If you are interested in using Coinbase to purchase OMG and would like to receive a $10 sign up bonus, use this link.

To learn more about trading, visit my course page.

Full Disclosure: I currently own OmiseGo (OMG).

Full Disclosure: This post contains an affiliate link to Coinbase.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.

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