- Augur has a neutral short-term trading outlook against Bitcoin
- The four-hour time frame shows that the REP / BTC is struggling to find direction
- The daily time frame shows that a large inverted head and shoulders pattern remains valid
Augur / Bitcoin Short-term price analysis
Augur has a neutral short-term outlook against Bitcoin, with the REP / BTC pair currently struggling for direction around its 200-period moving average on the four-hour time frame.
The four-hour time frame is also showing that REP / BTC buyers have repeatedly struggled to ignite a bullish inverted head and shoulders pattern.
Technical indicators across the four-hour time frame are rising as bulls try to take back control of price action.
Traders should continue to monitor the inverted head and shoulders pattern that is currently dominating the trading action on the four-hour time frame.
Relative Strength Index
The RSI indicator on the four-hour time frame has turned bullish as buyers start to take control of the REP / BTC pair in the short-term.
The MACD indicator has turned bullish on the four-hour time frame after a brief technical correction lower.
The recent uptrend movement was triggered by the announcement that the protocol will undergo a major upgrade, that will introduce a comprehensive suite of improvements, including the ability to trade DAI for stability. Earlier this month, REP was also listed on Coinbase, which had a positive effect on the price and liquidity of the coin.
Augur / Bitcoin Medium-term price analysis
Augur has turned bullish against Bitcoin over the medium-term with the REP / BTC pair continuing to trade above its trend defining 200-day moving average.
The large inverted head and shoulders pattern that can be seen across the daily time frame still remains valid, despite the recent technical correction lower in the REP/BTC pair.
The daily time frame is also showing that the REP / BTC pair is creating bullish higher highs and lower lows as buyers remain in control over the medium-term.
The upside projection of the inverted head and shoulders pattern on the daily time frame would take the REP / BTC pair towards levels not seen since May 11th, 2018.
Relative Strength Index
The RSI indicator on the daily time frame is turning bullish, after a brief correction below neutral.
The MACD indicator on the daily time frame is currently conflicted, with the MACD histogram correcting higher while the MACD signal line is still bearish.
Augur remains a strong project from a fundamental level. However, it is still highly dependent on the development of Ethereum. Ethereum scalability issues hinder the development of Augur, which make it highly susceptible to speculation-driven moves.
The REP / BTC pair is at risk of further losses in the short-term if bulls continue to struggle to ignite the bullish pattern seen on the four-hour time frame.
Augur’s medium-term prospects against Bitcoin appear more optimistic, with the large inverted head and shoulders pattern pointing to an upside recovery back towards levels not seen since May 2018.
Check out our coin guide for the Augur prediction platform.
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