OMGUSD: Break out upwards from strong support

BITFINEX:OMGUSD   OmiseGo / Dollar
OMGUSD has reached a strong support line bottom at 8.5. At the same time the downward trend is creating a wedge formation starting form the top at 29.09.2017 08:00. If it bounces up it still needs to pass the resistance point at 9.0. But if the candle closes above, we can enter with take profit around 11.0 and stop loss at around 7.5. Risk/Reward is 1.44 for this trade setup.
Order cancelled: Seems like OMGUSD will continue to fall. It has broken the previous downtrend, but this trade is canceled anyway.


I got the same thing. OMG has been lagging behind bitcoin. I am worried about a possible H&S formation of BTC that will either make a break out short lived or not at all.
+1 Reply
ohenrik ghorsman
@ghorsman, Thats a good point. BTCUSD is struggling with the resistance point at 4400. I think the H&S pattern will be resolved by the time OMGUSD reaches 9.000 though. If not it must be due to one strong up candle that will most likely be pushed down again. So maybe worth waiting if thats the case.
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