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OmiseGo / USD Technical Analysis: Recovering Positions

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  • OmiseGo is bullish in the short-term, with the cryptocurrency targeting its December 2018 trading high
  • The Medium-term outlook is bullish with price trading above the OMG/USD pair’s 200-day moving average
  • An even larger bullish pattern may be forming on the daily time frame

OmiseGo / USD Short-term price analysis

OmiseGo is bullish in the short-term, with the cryptocurrency trading at its highest level of the year so far.

The four-hour time frame shows that a bullish inverted head and shoulders pattern has been triggered, with the December 2018 trading high the likely target of the bullish pattern.

SIMETRI Research

Technical indicators on the four-hour time frame are bullish and pointing to further gains ahead for the OMG / USD pair.

 

 

OMG / USD H4 Chart                                                 (Source: TradingView)

 

 

Pattern Watch

If the inverted head and shoulders pattern reaches its upside objective, an even larger inverted head and shoulders pattern could take shape.

MACD Indicator

The MACD indicator on the four-hour time frame is currently generating a strong buy signal.

Relative Strength Index

The RSI indicator is also generating a strong bullish signal on the mentioned time frame.


OmiseGo / USD Medium-term price analysis

OmiseGo/USD has a bullish medium-term outlook, with buying interest for the cryptocurrency increasing since its breakout move above its 200-day moving average last month.

The daily time frame clearly shows that a large inverted head and shoulders pattern will start to take shape if the latest advance continues. The daily time frame is also showing that technical resistance will be  fairly limited until prices return to December trading highs.

Technical indicators on the daily time frame are slightly less bullish than the four-hour time frame.

 

 

OMG / USD Daily Chart                                           (Source: TradingView)

 

 

Pattern Watch

The overall bullish target of the inverted head and shoulders pattern on the daily time frame would take the OMG/USD pair towards the November 15th trading high.

MACD Indicator

The MACD indicator is bullish, although the MACD histogram on the daily time frame should be watched closely for possible signs of bearish price divergence.

Relative Strength Index

The RSI indicator is bullish on the daily time frame, although it has moved into overbought territory.


Conclusion

OmiseGo continues to make a strong recovery from the worst levels of February, with the cryptocurrency growing increasingly bullish over both time horizons.

The OMG / USD pair has two major bullish targets ahead if the advance continues: first, the December 2018 trading high, and then the November 15th trading high.

 

OmiseGO Chart

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DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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