OMG - shortterm down movement.

BITFINEX:OMGUSD   OmiseGo / Dollar
OMG formed a classic Head & Shoulders pattern.

Target is the green area between 7.5 and 8. Confluence with fib level .618 and longterm uptrend support. 4hr RSI is also pushing overbought and could need some down movement.

If you are longterm focused, there is no need to worry, since the fundamentals of omg are still solid and undervalued. However, if you are a swing trader and looking for a quick profit, you can sell after break of the neckline at around 10 usd (or even short from there) and put bids under the neckline till the target area. My original idea of OMG going to 16+ still stands. This is just a quick downward movement anticipation.

Good luck!
Order cancelled: OMG broke right shoulder. This makes the pattern invalid and thus not tradable.
i think its more like a cup handle, going up. i doubt we see anything below $9 again honestly.
don't think that was valid?!
@alerom, Yes the pattern is invalid and only valid if the neckline at around 9.9 breaks. Right shoulder resistance is 11.56, if we break it and continue in a higher high & higher low pattern we are still bullish uptrending.
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