OmiseGo September 21 - Long
Looking on a 4 hour chart, we see a head and shoulder pattern forming with a clearly visible neckline as the support.
Omisego has been in turmoil these past few weeks, ranging from $6.70 to $13.70. It's evident a retracement and correction is overdue.
Despite the oversold conditions and RSI reaching under 30 on all charts up to 3 hours, due to bitcoin dropping further, It's possible to see further declines today.
Based on the head and shoulders formation on the 4 hour chart, further declines may reach $6.10.
On the one hour chart, two breaklines are crucial to maintain with 2 cases possibly.
Case 1) A bounce of $7.16 and a retracement up to $9.33
Case 2) A bounce off $6.10 and a retracement up to $8.70
Watch for these bounces and a smart move long would be wise. Currently as we stand, a short position may have been missed. Though possible short positions can be entered if 5 and 15 minute RSI reaches a peak and shows decline with less strength / momentum.
Omisego has been in turmoil these past few weeks, ranging from $6.70 to $13.70. It's evident a retracement and correction is overdue.
Despite the oversold conditions and RSI reaching under 30 on all charts up to 3 hours, due to bitcoin dropping further, It's possible to see further declines today.
Based on the head and shoulders formation on the 4 hour chart, further declines may reach $6.10.
On the one hour chart, two breaklines are crucial to maintain with 2 cases possibly.
Case 1) A bounce of $7.16 and a retracement up to $9.33
Case 2) A bounce off $6.10 and a retracement up to $8.70
Watch for these bounces and a smart move long would be wise. Currently as we stand, a short position may have been missed. Though possible short positions can be entered if 5 and 15 minute RSI reaches a peak and shows decline with less strength / momentum.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.