Looking on a 4 hour chart, we see a head and shoulder pattern forming with a clearly visible neckline as the support.
Omisego has been in turmoil these past few weeks, ranging from $6.70 to $13.70. It's evident a retracement and correction is overdue.
Despite the oversold conditions and RSI reaching under 30 on all charts up to 3 hours, due to bitcoin dropping further, It's possible to see further declines today.
Based on the head and shoulders formation on the 4 hour chart, further declines may reach $6.10.
On the one hour chart, two breaklines are crucial to maintain with 2 cases possibly.
Case 1) A bounce of $7.16 and a retracement up to $9.33
Case 2) A bounce off $6.10 and a retracement up to $8.70
Watch for these bounces and a smart move long would be wise. Currently as we stand, a short position may have been missed. Though possible short positions can be entered if 5 and 15 minute RSI reaches a peak and shows decline with less strength / momentum.
Omisego has been in turmoil these past few weeks, ranging from $6.70 to $13.70. It's evident a retracement and correction is overdue.
Despite the oversold conditions and RSI reaching under 30 on all charts up to 3 hours, due to bitcoin dropping further, It's possible to see further declines today.
Based on the head and shoulders formation on the 4 hour chart, further declines may reach $6.10.
On the one hour chart, two breaklines are crucial to maintain with 2 cases possibly.
Case 1) A bounce of $7.16 and a retracement up to $9.33
Case 2) A bounce off $6.10 and a retracement up to $8.70
Watch for these bounces and a smart move long would be wise. Currently as we stand, a short position may have been missed. Though possible short positions can be entered if 5 and 15 minute RSI reaches a peak and shows decline with less strength / momentum.