Yesterday Augur has formed a double bottom near btc 0.0046. This is the 78.6% Fibonacci retracement level which has been rejected previously, back on the 29th of May. But yesterday, REP/BTC not only rejected Fib support but also the 8/1 Gann Fan trendline.
Today Augur started to move up sharply, but in order to confirm the uptrend, price has to break and close above the downtrend trendline as well as the 200 Moving Average. In this case the probability of an uptrend will grow substantially which could attract a lot of buyers, thus sending price much higher.
At the same time it is important to watch btc 0.0046 area, as break and close below might invalidate bullish outlook and send Augur back to btc 0.0034 support area.
Today Augur started to move up sharply, but in order to confirm the uptrend, price has to break and close above the downtrend trendline as well as the 200 Moving Average. In this case the probability of an uptrend will grow substantially which could attract a lot of buyers, thus sending price much higher.
At the same time it is important to watch btc 0.0046 area, as break and close below might invalidate bullish outlook and send Augur back to btc 0.0034 support area.
Kommentera:
Trendline rejected