OMGUSD - Scale in orders for long

Tools used:

• Fibonacci speed resistance fans
  
• Chande Momentum
  
• RSI
  
• VWMA (Length: 8, length of 20 on hourly)
  

OmiseGO popped up to $17 and quickly dropped. Currently forming a bull flag, looking forward to a confirmation for a continuation of it.

Regression channels:

Arguments for a long position:

• Taking the traditional method of finding target price of a bull flag, OMG should hit $20 after breakout
  
• ATH is just around $40
  
• Bull flag pattern
  
• Strong FA, both team and community wise; verifiedtopics.com/o...nouncement-expected/
  
• Re entering main (green) regression channel after it failed to break out under it. (Poor correlation ratio at ~.5 however)
  

Arguments for a short position:

• Currently in a correction phase after a huge rally
  
• Top of bull flag channel, expecting it to drop again in the flag channel
  
• Seems to have failed to break out from cyan regression channel
  
• Weakening momentum
  
• RSI making a hns pattern (lol)
  

Safest move would be to scale in long orders from $10 onwards as BTC is still grappling with its identity crisis.

Trade geschlossen: Ziel wurde erreicht