- The short and medium-term outlook is in a bullish trend.
- Responsible buying with bullish reversal candlestick pattern as confirmation.
REP/USD Medium-term Trend: Bullish
Supply zone: $20.00, $22.00, $24.00
Demand zone: $10.00, $9.8.0, $9.60
AUGUR continues in a bullish trend in the medium-term outlook. The bulls sustained the momentum from $14.31 in the demand area as the market opens today at $14.50. REPUSD rose initially to $15.60 and later to $17.88 in the supply area with a large bullish candle.
The resistance at the two EMAs was broken nicely. Wicks in the candle at the supply area denotes exhaustion before brief momentum loss to allow for the market correction.
Price is above the EMA crossover while the stochastic oscillator signal points down at 47% which implies the correction by the bears before upward bullish continuation in the medium-term.
$18.00 in the supply area is the bulls’ target as they journey up north with more candles opened and closed above the two EMAs south.
REP/USD Short-term Trend: Bullish
The bulls had a successful ride to $17.93 in the supply area after the market opened at $14.57. The closed of the candle with a wick indicates exhaustion. The 61.8 fib was the point the bears drop the coin at $15.43 in the demand area. This was a key retracement area as the bulls gradually stage retuned.
Price was up at $16.97 before the drawdown to the 61.8 for a double bottom formation as the bulls set up for a strong comeback.
A retest at $17.832 in the supply area is imminent in the short-term.
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