Trade Recommendation: OmiseGo/Ethereum

The OmiseGo/Ethereum pair is a relatively new market. As such, it is expected that the pair has no clear trend yet. However, new markets can reveal ranges which savvy traders can capitalize on. These ranges appear as participants accumulate positions and determine initial support and resistance levels.

For the OmiseGo/Ethereum pair, the resistance was determined when the market failed to move above 0.025 on November 8, 2017. The bottom end was determined on December 12 when the market went as low as 0.01488025. Three days later, the market cemented support at 0.0155. The range was set.

Technical analysis reveal that the market continues to respect resistance at 0.025 and support at 0.0155. Therefore, the strategy is the classic buy the support and sell the resistance play. Buy as close to support at 0.0155 as possible with the intention of selling at 0.025

Daily Chart of OmiseGo/Ethereum on Poloniex

As of this writing, the OmiseGo/Ethereum pair is trading at 0.01676876 on Poloniex.

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.