Odyssey Ready to Make Another Big Move?

Odyssey Ready to Make Another Big Move?

By Jonny Dale | Bitrandy | 18 Oct 2018


There's not so many altcoins making big moves these days, as Bitcoin's volatility slowly but surely diminishes (with the exception of this week's crazy tether FUD related pump), but if you scour the crypto-verse you can definitely find some profitable opportunities. Odyssey may be one of the best right now. 

Highly shilled ever since it entered the space, $OCN is one of those coins that, when it pumps, tends to pump hard. During the mini alt season of April, $OCN did a 500% move from its bottom, making it one of the biggest gainers of the run. 

We're not really having a mini alt season right now, though many charts look ripe for significant moves. And with bitcoin being quite flat, enough room is there for a few altcoins to make some runs. 

From its bottom in mid September, $OCN already made a 400% move in a matter of 3 weeks, making it one of the biggest movers of September. In typical Odyssey fashion, it dumped 32% in an hour and 43% in a day when traders started taking profits. People clearly remembered what happened after the peak of its run in May, when it dumped an incredible 50% in 8 hours after an underwhelming news catalyst was revealed. 

But there was no news fueling the run this time around, and the dump has recovered better, stabilizing between the 0.382 and 0.5 fib lines over the last couple weeks. 0.5 fib retraces are very common in the crypto space, and from there $OCN has made a move of around 35% in the last day or so. 

 

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$OCN is currently consolidating at a pretty significant long term support/resistance right around 200 sats and looks to have just broken out of a short term bull flag.

 

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The last small move has a decent amount of volume, though not quite as much as you would like to see, but if it can clear the next two short term resistances at 225 sats and 250 sats its got potential for a big move, or at the very least a solid short term play.

If you wanted to play the breakout, you could either wait for it to clear 225 or 250, depending on your risk appetite and then buy the retrace. Profit taking targets would be at around 275, 315 and 370, as outlined in the green boxes below. A small moon bag could be held in hopes of it breaking the highs of its run in April-May and then who knows how high it could go. $OCN is one of those coins that can go nuts, and many people on twitter believe it shares similarities to Verge and Tron, two of the biggest movers of the December/January alt season.

 

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These charts are from KuCoin, but $OCN also trades on Bittrex, and while the new UI is laggy and buggy, it is the only exchange, as far as I know, that $OCN is listed on where you can place stop losses. The most important skill in trading is risk management so if you want to trade this coin I recommend doing so on Bittrex. I generally place my stop just below the closest short term support, ideally no more than 10% below entry.

Happy Trading!

The author is not a registered financial expert and this is not financial advice. Cryptocurrencies are highly volatile assets and risky to trade. Make sure to study trading diligently before putting your hard earned money on the line, and never risk more than you can afford to lose. Risking a maximum of 2.5-5% of your entire portfolio is a common practice amongst professional traders. 

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Jonny Dale
Jonny Dale

Jonny is a crypto evangelist who has been yelling about bitcoin from the rooftops since 2015. He spent most of 2017 and 2018 trading and is also involved in several other crypto projects.


Bitrandy
Bitrandy

All things crypto, with a focus on TA.

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