Augur Bullish Divergence – A Buy Signal?

In June Augur has tested the all-time high, hitting $39 mark. Since then price corrected down towards $14.5, resulting in a drop of over 60% of Augurs’ value against USD.

REP/USD found the support at the 161.8% Fibonacci, applied to the corrective wave after the ascending channel breakout. This support at $14.5 has been rejected few times and it seems that Augur does not manage to establish a direction while it continues to trade between the support and resistance at $30.

The most recent price action shows that a bullish divergence was formed by the RSI oscillator on a daily chart. This could indicate that Augur, in fact, is ready to move higher at least to test the resistance formed at $29, which is corresponding with 61.8% Fibonacci retracement level.

Overal a wave up could be expected towards $29 and if broken more growth will take place. Keep in mind that a close below $14 will invalidate this outlook.

SHARE

LEAVE A REPLY

Please enter your comment!
Please enter your name here