In this Daily chart of Augur/ United States dollar (REP/ USD), there is a depreciating range from 12.45 to 8.40.
We can observe that the market then appreciated to the 9.97 level (identified by the red down arrow), just above the 9.9471 area that represents the 38.2% retracement of the depreciating range.
The 9.97 level is also above the 9.62 area which is where the 21-bar Simple Moving Average was indicating when the price moved higher to 9.97. Notably, the 21-bar Simple Moving Average has proven to be good technical resistance since late November.
We can observe that the market then depreciated and continues to depreciate.
Using RSI, we can observe that the slopes of both RSI (14) and RSI Average (3) bearishly remained negative after the market traded as high as 9.97. We can also observe that RSI Average (3) continues to bearishly indicate above RSI (14) and that RSI Average (3) and RSI (14) continue to diverge, suggesting continued price depreciation.
Using Slow Stochastics, we can observe that Stochastics D and Stochastics K bearishly continued to have negative slopes after the market traded as high as 9.97. We can also observe that Stochastics D continues to indicate above Stochastics K and that Stochastics D and Stochastics K continue to diverge, indicating continued price depreciation.
Stay on top of the cryptocurrency market with CryptoDaily’s trading charts!