OmiseGo analysis: 6 hour timeframe
The 6 hour timeframe of OmiseGo is presented in this analysis with price action from August 17, 2018 to current date. ~$3.84 and $2.99 have marked a horizontal barrier for price action since September 19, 2018, with $3.84 acting as a ceiling for price and $2.99 as support area.
The width of the pattern best described as a rectangle bottom pattern is indicated and taken as $0.85 ($3.84 minus $2.99). A successful breakout above $3.84 or below $2.99 should provide a $0.85 move as a minimum expectation for the price of OMGUSD i.e. projection of ensuing move following a successful bullish or bearish breakout.
The width of the pattern best described as a rectangle bottom pattern is indicated and taken as $0.85 ($3.84 minus $2.99). A successful breakout above $3.84 or below $2.99 should provide a $0.85 move as a minimum expectation for the price of OMGUSD i.e. projection of ensuing move following a successful bullish or bearish breakout.
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