OMG still looks weak, but will we find a bottom anytime soon?
Theres a few things we must look at first:
OMG has been underperforming more than most of the other alts lately and its not much of a secret as you can see. Part of that is because this is one of the most under the radar projects in the space. I personally think thats a good thing. Pump and dumps are no fun, especially if you get caught on the wrong side of the trade.
Looking at an outside view of whats going on technically on the charts we can clearly see lower swing lows and lower swing highs still. That tells me we may have some more downwards movements to go unfortunately until we see consistent higher high closes. As of right now we are resting right on the 75% fib channel retracement on no volume. Not something you wanna see at support levels. The volume just hasn't been there and to no surprise when you look the direction we've been heading. We are now way below key diagonal trend lines where were tried to hold in July but failed to do so and continued the sell offs. We are making higher lows and higher highs in a zoomed in time frame painting a small valid ascending channel that looks weak as well.
There's some good news though:
We are below all your moving averages but it looks as if the 50MA wants to cross above the 200MA so thats good. Oddly enough, we are showing bullish patterns in the shorter term. We are in a currently valid descending broadening wedge, bullish, and we are showing hidden bullish divergence on the RSI. We are not showing any hidden divergence on your MACD though so that gives it a 50/50 chance of being valid but it is something you shouldn't overlook. Either way, its good to see anything bullish related at this point.
Also to note, we are looking as if we are shaving a bottom at these levels very close to your lows on a very long time scale as shown on the daily. That makes me more confident a bottom isn't too far away. What I expect in the near future is to test the bottom of the descending broadening wedge one more time, hit our low, establish the bottom again as we did at those levels and then have all these bullish signals our oscillators are giving us to start playing out. That would be great and could give you an ideal low risk long entry. So maybe wait until we can test the 456 SAT level first, which lines up perfectly with the yearly lows.
Hope this helps!
Good luck!