Card of the day – April 10, 2020
RCN / BTC – Weekly
In this weekly graph of Ripio / Bitcoin Credit Network (RCN / BTC), the range of appreciation is between 0.00000495 and 0.00000950.
We can observe that the market then depreciated at the level of 0.00000571 (identified by the blue arrow upwards), just below the level of 0.00000592 which represents the retracement of 78.6% of the range d ‘appreciation.
We can observe that this decline was just above the exponential moving average of 50 bars, an indicator that provided some technical support.
We can observe that the market then appreciated at the level of 0.00000867 (identified by the yellow arrow down), just above the level of 0.00000842 which represents the 23.6% retracement of the range of appreciation.
Subsequently, we can observe that the market was supported around the 50% retracement of the appreciation range.
Since then, the market has appreciated further and is currently trading around the level of 0.00000796.
Traders will be curious to see if the RCN / BTC can get technical support around the 0.0000776 level during the lower retracements, which represents the 38.2% retracement of the appreciation range, as an indication that additional price appreciation may be likely.
Using the slow stochastic, we can observe that the slope of the K stochastic started to become positive and that the K stochastic crossed the bar above the D stochastic after the market was as low as 0.00000571, indicating that price appreciation was likely.
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