A third uncharted option, is that a pattern occurs, and we see a steep drop in price to around $3-4.00. The price currently would produce the neckline.
Long term, OMG is a great project, it is still very , and I expect it to keep climbing (long). Resistance lines will act as great buying opportunities.
In the very near future, it may take a little while to recover, so I expect some consolidation at this point.
What do you guys think?
That being said, it was stated that 'If it doesn't go up, it will go down'. This is a half truth. The third option is that price will consolidate, presenting a new pattern to analyze. But the question remains, where will the support be? What would be a good price to get in? Will this drop forever, or is this going back up at some point? If you are looking for a buy opportunity, the 50% and 61.8% retracement levels offer excellent opportunity for short term trades. If price bounces off these lines, buy and hold using whatever indicator it is that you use. Personally, I use fibonacci extension for exit levels.
The sole purpose of this chart was to provide a visual representation of these support lines. I posed a question, asking if others agree or disagree. Thank you for sharing your opinion.