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.
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