philakone
Long

OmiseGo September 21 - Long

BITFINEX:OMGUSD   OmiseGo / Dollar
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.

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