OMiseGo price has been moving in a range for more than two weeks since April 11th, channeling from 4.20 ~ 4.90. This is a good movement because the longer the ranging channel, the more reliable the breakout. Therefore, our task now is to wait until the price breaks out of the range. After a breakout, we will then enter appropriate entries to chase the trend. An easy way to get a notification of a breakout is to set an alarm for bullish and bearish breakout. A bullish breakout alarm can be set in the 5.1100 area while a bearish breakout alarm can be put in the 4.0500 area. The bullish target is the area of previous high at 6.1000 level while the bearish target can be set at 3.400 level.
Comment:
After breaking and retesting the support level of the horizontal channel, OMG/USD is approaching our first bearish target area