RubyCoin Price Weekly Analysis – Is this a Break Sellers Looking for?

Key Highlights

  • Rubycoin price finally struggled to clear a major resistance area near 0.000511BTC and traded lower.
  • There was a major bullish trend line on the 4-hours chart (price feed from Bitfinex), which was broken to ignite a downside move.
  • The price traded as low as 0.00038BTC where it found support for another upside reaction.

Rubycoin price is showing a few bearish signs on the 4-hours chart and if sellers manage to take advantage, there might be another decline.

100 MA as Resistance for RubyCoin Price

Rubycoin price attempted to break a major resistance area of 0.00050BTC-0.00051BTC a couple of times but struggled to gain momentum. There was a monster support trend line on the 4-hours chart (price feed from Bitfinex), acting as a hurdle for sellers. However, sellers finally managed to take the price below the highlighted trend line and support area.

RubyCoin Price chartRubyCoin Price chart

Moreover, the price closed below the 100 simple moving average (4H), suggesting that the recent break may be a real one. However, buyers appeared around 0.00038BTC to prevent the downside move and pushed the price back higher. There was a sharp upside reaction, but the price is facing offers near the broken 100 MA. Any further gains could take the price towards the broken trend line area where sellers might put up a fight.

Currently, the price is flirting with the 76.4% Fib retracement level of the last drop from 0.00051BTC to 0.00038BTC. On the downside, an initial support can be seen around 0.00045BTC followed the all-important 0.00040BTC-0.00038BTC.

Looking at the indicators:

4H MACD – The 4H MACD has changed the slope from bearish to bullish, which is an encouraging sign for the bulls.

4H RSI – The RSI also managed to settle back above the 50 level, which is another bullish sign.

Intraday Support Level – 0.00045BTC

Intraday Resistance Level – 0.00051BTC


Charts from Bitfinex; hosted by BitcoinWisom