Vermillionz
Long

OMISEGO/BTC Forecast [Possible Cup&Handle Formations]- 1/27/18

BINANCE:OMGBTC   OmiseGO / Bitcoin
Forecast for Omisego

- RSI @ 49 currently, neutral as it is neither overbought or oversold, if RSI continues downward towards 30, OMG becomes more oversold and more bullish .

- MACD's last cross was January 17th, expect it to cross again in the very near future (maybe a week or two). Expect price breakout to be bullish .

- Bolling Bands are clearly narrowing, indicating a temporary trend has formed and may continue sideways. Once Bollinger Bands begin to widen again, we can expect a breakout, most likely a bullish one.

Charted two Cup&Handle formations, would love to hear everyone else's thoughts on them!!

Green Cup (longer, bigger cup trend) shows a possible cup formation in progress. If current trends can pick up and hit the 0.786 Fib Retracement level, we can expect a quick and temporary dip (known as the Handle) before further explosive breakout.
The 2nd Cup formation (the blue Cup), is also another possible Cup&Handle formation, this time, the Cup has already formed and we are just waiting on the Handle to complete its formation. If Handle completes, expect bullish momentum, possibly bringing us up to the 0.786 Fib Retracement level and maybe even finishing the 1st larger, green Cup?!!???
- We can also see that the 2nd,
smaller, blue Cup has a Handle the
seems to be forming a Falling
Wedge , which also indicates
upwards price movements once a
breakout occurs.
Also have a Symmetrical Triangle (black dotted lines, passing through the 2nd, smaller, blue Handle). This can also give us an indication of possible future trends from which ever way the breakout starts.
Support level has been drawn out, might seem sort of high, in any case, it is probably a good idea to have more than one support level drawn out.

Cheers!!
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