Cryptocurrency News, Digital Asset Research and Blockchain Features

Augur / BTC Technical Analysis: Waning Enthusiasm

Momentum is turning decisively bearish following a previous rally.

914
  • Augur has turned bearish against Bitcoin over the short-term with the price falling below the pair’s key 200-period moving average on the four-hour time frame
  • The REP / BTC pair’s medium-term outlook is bullish with multiple inverted head and shoulders patterns seen on the daily time frame
  • The daily time frame also shows near-term price action trapped inside a descending triangle pattern

Augur / BTC Short-term price analysis

 

Augur has turned bearish against Bitcoin in the short-term, with the REP / BTC pair trading below its 200-period moving average on the four-hour time frame.

The cryptocurrency has gradually been drifting lower, following a bearish downside breakout from a symmetrical triangle pattern on the four-hour time frame.

Technical indicators on the mentioned time frame are currently neutral, suggesting that overall selling momentum remains fairly weak at present.

 

 

REP / BTC H4 Chart                                                                         (Source: TradingView)

 

 

Pattern Watch

Traders should note that the four-hour time frame is currently showing a bearish double-top pattern formation.

 

Relative Strength Index

The Relative Strength Index on the four-hour time frame is currently flatlined and trades close to neutral.

 

MACD Indicator

The MACD indicator is also neutral on the four-hour time frame and currently provides no clear trading signal.

Fundamental Analysis

In January, Augur was on the move after the announcement of Veil, which is build on top of Augur and allows users to buy leveraged long or short positions in BTC / USD, REP / USD, and ZRX / USD.

However, after a massive price increase, Augur has been trending down. Investors have been fixing profits and cooling down their expectations. Although Veil is a new step for Augur, the project still faces the same problems as before, such as low adoption and limited scalability, which hinder its growth.


Augur / BTC Medium-term price analysis

 

Augur is bullish against Bitcoin in the medium-term, with the REP / BTC pair trading above its trend defining 200-day moving average. Multiple bullish inverted head and shoulders are also present across the daily time frame, adding to the overall medium-term bullish bias surrounding the REP / BTC pair.

Price is currently trapped within a bearish descending triangle pattern; further bearish signs are also emerging with the daily time frame also showing a bearish triple top pattern formation.

 

 

REP / BTC Daily Chart                                  (Source: TradingView)

 

 

Pattern Watch

Traders should note that descending triangle patterns are typically bearish and start to take shape at the end of an uptrend, which could indicate weakness ahead of the REP / BTC pair.

 

MACD Indicator

The MACD indicator on the daily time frame is slightly bearish, although the MACD histogram is attempting to correct higher.

Relative Strength Index

The RSI indicator is bearish on the daily time frame and is signaling that pressure remains to the downside.

Fundamental Analysis

On a fundamental level, Augur is built and dependent on Ethereum, so until Ethereum resolves its scalability issues, Augur will remain highly susceptible to speculation-driven moves.


Conclusion

 

The REP / BTC pair is likely to remain under pressure in the short-term until buyers start to take control of the cryptocurrency above its 200-period moving average on the four-hour time frame.

The daily time frame shows tremendous bullish potential, with the REP / USD showing multiple inverted head and shoulders pattern. The bearish triple top and descending triangle pattern on the daily time frame suggests that sellers may soon force a test of the cryptocurrencies trend defining 200-day moving average.

For a quick overview of the project, head over to our Coin Guide for Augur here.

 

  • augur
  • Augur
    (REP)
  • Price
    $14.71
  • Market Cap
    $161,864,664.96

Join the conversation on Telegram and Twitter!

 

Decentral Media, Inc., the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any transaction. You should never make an investment decision on an investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an investment.

News, And Only When It's NEWS
Sign up for our editor's picks, crypto trade updates, and DARE reports!
You can unsubscribe at any time, and we NEVER sell your info.

Leave A Reply

Your email address will not be published.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More

X
X