OmiseGO (OMG) Possible Scenario
OmiseGO has crossed the local (March) downtrend line as well as 0.236 fib retracement level. This may be interpreted as one of a reversal signals.
Possible scenario: OMG goes up to 0.618 fib level (Target 1), then bounce back to somewhere between 0.236 and 0.382 levels. After that it may turn back and finish the right shoulder in inverse Head & Shoulder pattern. This may give OMG the ability to make a run to the previous high at 0.00196 BTC (Target 2).
If it can break the previous high level, then the next Target 3 is at 1.618 fib level and is 0.00246 BTC.
Possible scenario: OMG goes up to 0.618 fib level (Target 1), then bounce back to somewhere between 0.236 and 0.382 levels. After that it may turn back and finish the right shoulder in inverse Head & Shoulder pattern. This may give OMG the ability to make a run to the previous high at 0.00196 BTC (Target 2).
If it can break the previous high level, then the next Target 3 is at 1.618 fib level and is 0.00246 BTC.
Penafian
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