OMGUSD - Scale in orders for long

BITFINEX:OMGUSD   OmiseGo / Dollar
Tools used:
  • Fibonacci speed resistance fans
  • Chande Momentum
  • RSI
  • VWMA (Length: 8, length of 20 on hourly)

OmiseGO popped up to $17 and quickly dropped. Currently forming a bull flag , looking forward to a confirmation for a continuation of it.

Regression channels:

Arguments for a long position:
  • Taking the traditional method of finding target price of a bull flag , OMG should hit $20 after breakout
  • ATH is just around $40
  • Bull flag pattern
  • Strong FA, both team and community wise;
  • Re entering main (green) regression channel after it failed to break out under it. (Poor correlation ratio at ~.5 however)

Arguments for a short position:
  • Currently in a correction phase after a huge rally
  • Top of bull flag channel, expecting it to drop again in the flag channel
  • Seems to have failed to break out from cyan regression channel
  • Weakening momentum
  • RSI making a hns pattern (lol)

Safest move would be to scale in long orders from $10 onwards as BTC is still grappling with its identity crisis.
Trade closed: target reached
Crpyto tips appreciated! You can't lose value on what you don't have ; )
Lightning network:
BTC - 36GUCF9CAzrtgkXs199NELscFcc8bnchE1
XRP - rf5rHXUAgdUh3YbgaqeW8VWfoRwnTXNN48
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