• OmiseGo is bearish in the short-term after breaking from a symmetrical triangle pattern and setting a new all-time low
• OMG / USD risks further heavy losses in the short-term
• The Medium-term outlook for OMG / USD closely mirrors the pair’s short-term

OMG / USD Short-term price analysis

In the short-term, OmiseGo is bearish with price recently breaking below a well-defined symmetrical triangle pattern on the four-hour time frame chart.

OMG / USD has recently fallen to a new record low and continues to trade below its former record low, which was set in December of last year. The pair is likely to remain under immediate selling pressure and risks further heavy losses.

Technical indicators are pointing down and have yet to move into oversold conditions on the four-hour time frame.

Pattern Watch

The bearish break below the symmetrical triangle pattern is the main theme on the four-hour time frame chart. The size of the triangle pattern is substantial and could signal a major depreciation in the OMG / USD pair if the decline continues.

OMG / USD H4 Chart                                                                         (Source: TradingView)

MACD Indicator

The MACD indicator shows no signs of bullish divergence and appears to be turning bearish after a minor correction higher.

RSI

The Relative Strength Index has turned bearish and is trending lower alongside the recent fall in the OMG / USD pair.

OMG / USD Medium-term price analysis

OMG / USD is bearish in the medium-term, with the daily time frame chart also showing price breaking under a large symmetrical triangle pattern. It is also worth noting that the pair has been in a protracted downtrend and has posted eight consecutive negative months.

A failed inverted head and shoulders pattern is also visible on the daily time frame chart; this is typically a bearish signal and a sign that buying demand is weak.

In line with the lower time frames, medium-term technical indicators are pointing lower, the RSI indicator is notably bearish.

OMG / USD Daily Chart                                                                         (Source: TradingView)

Pattern Watch

The break below the triangle pattern on the daily time frame is a key development over the medium-term. Traders should also watch for consecutive daily price closes below the December 2018 trading low.

RSI + MACD Indicators

The RSI indicator is bearish on the daily time frame, while the MACD histogram is starting post lower lows.

Conclusion

Both short and medium-term analysis shows conclusive evidence that a continuation of the broader downtrend currently underway in the OMG / USD pair remains the most likely scenario.