The meandering price action of OMGUSD (OmiseGo) based on its 1hr tf is captured in this analysis using an ascending triangle chart pattern. The width of the triangle (vertical black arrow) is ~$9.82 – $7.92 = $1.90.
Possible target area for price after a breakout above the horizontal line of the chart pattern involves vertical projection of width of the triangle (calculated above) onto a breakout above the horizontal line. Doing this, a breakout above the apex of the triangle could see OMGUSD hit $11.72 (Target area).
The alternative chart pattern that is also described by the same price action for OMGUSD would be a complex, inverted Head and shoulder pattern as shown below. Complex in this case because we have more than one left shoulder (LS). RS = Right shoulder.
For this pattern to be confirmed, price action must to close above the neckline of the pattern. A projection of the Head to the neckline above the neckline also provides the same target area (~$11.72) as the ascending triangle chart pattern.
