OG saw an incredibly bullish move earlier this year, where it gained over 350% in a mere two days. However, since topping around 16$ OG has been falling with no end in sight.
This trade is based on the idea that OG is currently in a horizontal accumulation phase (purple area) and will soon, helped by Bitcoin, move back up towards the 2023 highs.
Most likely, Bitcoin will have to break out through 31,000$ in order to give investors the confidence to launch OG upwards.
Stop just below the most recent June lows, target at 15$. With a tight stop we managed to construct a very high risk-reward trade that most likely has a high expected return. A more defensive strategy would be to take partial profits around 9.5$.
This trade is based on the idea that OG is currently in a horizontal accumulation phase (purple area) and will soon, helped by Bitcoin, move back up towards the 2023 highs.
Most likely, Bitcoin will have to break out through 31,000$ in order to give investors the confidence to launch OG upwards.
Stop just below the most recent June lows, target at 15$. With a tight stop we managed to construct a very high risk-reward trade that most likely has a high expected return. A more defensive strategy would be to take partial profits around 9.5$.
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