- The short and medium-term outlook is in a bearish trend.
- More sellers may take a position in the medium-term.
REP/USD Medium-term Trend: Bearish
Supply zone: $20.00, $22.00, $24.00
Demand zone: $10.00, $9.8.0, $9.60
AUGUR is in a bearish trend in the medium-term outlook. $18.40 in the demand area was yesterday low as the bears’ pressure on the cryptocurrency before the end of the session.
Today’s 4-hour opening candle at $18.40 was a bearish marubozu suggesting bears full market domination. REPUSD dropped initially to $17.51 and later to $16.88 in the demand area after a brief flag formation.
A minor flag may be formed before the bears continued the journey down south.
With price below the two EMAs that area fanned apart and the signal of the stochastic oscillator pointing down at 11% in the oversold region, it suggests downward movement in price due to bearish momentum.
REP/USD Short-term Trend: Bearish
Today’s 1-hour opening candle at $19.21 was large and bearish. REPUSD dropped to $17.76 and created a descending channel which was a signal for the bearish continuation. A large bearish candle at $17.86 broke out of the channel with a further drop to $16.88 in the demand area.
A minor correction is necessary to confirm the bearish continuation. $15.00 is the bears’ initial target in the short term as more candles opened and closed below the two EMAs.
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