OmiseGo has a bearish short-term, with the cryptocurrency still trading below its 200-period moving average on the four-hour time frame
The four-hour time frame shows that the OMG / USD pair is trapped within a triangle pattern
The daily time frame time highlights that bears have invalidated a large bullish pattern
Fundamental Analysis
OMG has gained bullish momentum after its parent company announced an investment from Nomura Holdings, a Japanese investment group. The investment should support ongoing development for OmiseGo and other platforms under the company’s wing.
OmiseGo / USD Short-term price analysis
OmiseGo has a bearish short-term bias, with the cryptocurrency trapped below its 200-period moving average on the four-hour time frame.
The four-hour time frame shows that the OMG / USD pair is trapped within a neutral triangle pattern, with bulls pressing against key trendline resistance.
Technical indicators on the four-hour time frame are bullish and continue to issue buy signals.
Pattern Watch
Traders should note that a test of the OMG / USD pair’s 200-period moving average seems likely if a bullish triangle breakout occurs.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish and shows scope for further upside.
MACD Indicator
The MACD indicator on the four-hour time frame is bullish and continues to issue a buy signal.
OmiseGo / USD Medium-term price analysis
OmiseGo has a neutral medium-term trading outlook, with the cryptocurrency testing towards its key 200-day moving average.
The daily time frame is showing that OMG / USD bears have successfully invalidated a bullish inverted head and shoulders pattern. The mentioned time frame also highlights that price is trapped within a triangle pattern.
Technical indicators across the daily time frame are bearish and continue to issue sell signals.
Pattern Watch
Traders should note that the invalidation of the bullish pattern on the daily time frame is a significant technical development.
Relative Strength Index
The RSI indicator is also bearish on the daily time frame and shows scope for further downside.
MACD Indicator
The MACD indicator is bearish on the daily time frame, although it is extremely oversold.
Conclusion
OmiseGo may test back towards its 200-period moving average on the four-hour time frame if bulls can breakout from the neutral triangle patterns across both time frames.
The medium-term outlook for OMG / USD pair is weakening after the bullish inverted head and shoulders pattern on the daily time frame was successfully invalidated.
Check out the OmiseGo coin guide.
OmiseGO Chart
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