The first thing I notice in this chart is that there seems to be a reversal pattern taking place. OMG has reached it's highest high, and has started receding. Drawing out the fibonacci levels for future reference, as to find the resistance levels, we see that the 50% fibonacci level of around $7 was tested again, and this will be the bottom for the bearish triangle.
We have yet to see if this will continue the path downwards, but if it does, pay attention to a couple patterns. The downtrend is occuping the trend channel for now. There were 2 spots with major volume, marked in red arrows. If bearish triangle breaks downwards, we will see further down to the next resistance level ($5.20)
The downward trend had heavy volume on 2nd to last bounce downwards, potentially signalling a slow reversal upwards. If pattern breaks upwards, be aware that there may be a head and shoulders pattern forming.
We have yet to see if this will continue the path downwards, but if it does, pay attention to a couple patterns. The downtrend is occuping the trend channel for now. There were 2 spots with major volume, marked in red arrows. If bearish triangle breaks downwards, we will see further down to the next resistance level ($5.20)
The downward trend had heavy volume on 2nd to last bounce downwards, potentially signalling a slow reversal upwards. If pattern breaks upwards, be aware that there may be a head and shoulders pattern forming.