REPBTC Broadening Wedge| Structural Resistance| 200 MA

2 Apr 2020

Evening Traders!

Today’s technical analysis will focus on REPBTC, in a valid broadening wedge formation with a failed partial raise at structural resistance.

Points to consider,
- Trend bearish – consecutive lower highs
- Structural resistance being tested
- 200 MA – local support
- RSI trading in a channel
- Stochastics in upper regions
- Irregular volume present

Augur is in a clear defined down trend on the macro scale and is travelling in a broadening wedge that will be confirmed with a break of its ascending support line.

The current local support is being established by the 200 MA, a break of this will be in confluence with a break of the broadening wedge.

Staunched structural resistance has been respected multiple times; it is in confluence with the .382 Fibonacci. A close above and consolidation will likely test the upper resistance line of the broadening wedge.

The RSI is in a clear channel, currently neutral, breaking this channel will dictate the direction of the price. Stochastics are currently in the upper regions, can stay trading here for an extended period of time, however lots of stored momentum to the downside.

Augur has irregular volume being present, common in broadening wedge patterns , an influx will be prevalent with a decisive break.

Overall, in my opinion, Augur needs to consolidate above structural resistance and create multiple higher lows to negate this pattern. A break of lower support line will however increase the likelihood of testing lower lows.

What are your thoughts?

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And remember,

“If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas