OMG! Time for a breather?

6 de fev. de 2021

While BTC trades sideways, the alts have gotten a boost. OMG has been riding waves off the MA50 on the 1 hour chart consistently. Will it continue? That's hard to say... If we look at the past week, now looks like a great time to buy before the next impulse upward. If we look at the past month, it would appear that we're due for a drop. A break above $5 would suggest another bump up while a fall below $4.60 indicates a better price is on the horizon; maybe even a chance to buy in below $4 again.

I'm holding my BTC here, rather than trading it for alts because we may see a new ATH this week and if that's the case, the alts will pause their current run up. This is another reason to wait to accumulate OMG. Then, when BTC pauses, the alts get another breath of new energy.

I believe we're at the beginning of a transition to the altcoins, which will see outsized gains relative to BTC over the long term. OMG will be one of the winners in this new alt season. That said, it doesn't matter too much if I add more at $5 or $4. A month from now I expect to see gains. I'm not a trader so if you're looking for a quick flip, then hopefully the chart will help more than my comments here. If you're in for the long haul (6 months) then I believe OMG is a buy at these levels. That said, I already have a position so I'm waiting to see whether I should add more at current levels or wait for a better entry.

If BTC breaks through the previous ATH, then I'll wait to buy more OMG. If it falls back to support, then I'm a buyer of OMG and other alts with my USD.