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.
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Full Disclosure: I currently own OmiseGo (OMG).
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