A bearish triangle appearing with the 38% fibonacci retracement, which should have some good support. However, if this breaks downwards, we could see prices move to $6.50, and maybe even $5.00. I'm expecting price to consolodate around the 38% line where it currently is, but wanted to show some resistance levels in case any were wondering.
A third uncharted option, is that a head and shoulders 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 bullish, 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.
So much for all the technical analysis everybody does. If it holds.... if it holds.... if it holds..... basically you guys are just saying that if it doesn't go up it will go down. NO ONE knows any better. No offense meant but that's the bottom line!
Shwayze
⋅
@grinbuck, you caught me! I trade breakout patterns, using fibonacci levels to find strong support and resistance levels, redraw trend lines and wait for another breakout. If you're already invested, and looking for answers as to what exactly is going to happen, and at what time will this occur, I can understand your frustration, as I am invested also. Keep in mind these are called "ideas" for a reason.
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.
grinbuck
⋅
@Shwayze, I apologize for my previous outburst Sir. Emotions were running really high at the time after a couple of large margin positions got liquidated due to the current bloodbath. I meant no offence. Thank you for understanding.