In this Weekly chart of Ripio
Credit Network / Bitcoin (RCN/ BTC)
, we can observe an appreciating range from 0.00000495
We can observe that the market then depreciated to the 0.00000571
level (identified by the blue up arrow), just below the 0.00000592 level that
represents the 78.6% retracement of the appreciating range.
We can then observe that this pullback was just above the 50-bar
Exponential Moving Average, an indicator that provided some technical support. The market stopped short of testing this level.
We can also observe that the market then appreciated to the
0.00000867 level (identified by the yellow down arrow), just above the 0.00000842
level that represents the 23.6% retracement of the appreciating range. The market tested this level a couple of times.
Thereafter, we can observe the market has been supported
around the 50% retracement of the appreciating range.
The market has since appreciated further and is currently
trading around the 0.00000796 level.
Traders will be curious to see if RCN/BTC can derive
technical support around the 0.0000776 level during retracements lower,
representing the 38.2% retracement of the appreciating range, as an indication
that additional price appreciation may be likely.
Using Slow Stochastics, we can observe that the slope of
Stochastics K started to turn positive and that Stochastics K bullishly crossed
above Stochastics D after the market traded as low as 0.00000571, indicating
price appreciation was likely.