- Rubycoin price dived down sharply after failing to break a major resistance area near 0.000511BTC.
- After breaking a critical support trend line on the 4-hours chart (price feed from Bitfinex) there was a monstrous decline.
- The price after recovering a few points higher declined and moved below the 0.00030BTC support area.
Rubycoin price moved further down. There was an attempt by buyers to take the price higher, but failed to sustain momentum.
0.00020BTC as a Support Area
Rubycoin price slide continued, and there was another leg down taking the price below a major support area of 0.00030BTC. As highlighted in the previous week’s analysis, there was a bullish trend line on the 4-hours chart which was breached to ignite a downside move. The downside reaction was very sharp and the price weakened by more than 40%.
There was an attempt to recover during this past week, but the price failed to break the 0.00035BTC resistance area. The mentioned level was coinciding with the 50% Fib retracement level of the last drop from the 0.00049BTC high to 0.000205BTC low. So, we can say that the price completed a short-term correction and may move below the recent low.
The price is well below the 100 simple moving average (4H), which means the sellers are in control and there is a chance of more losses in the near term. The most important support is near the recent low of 0.000205BTC, which must hold if buyers have to push the price back higher. A break below it could take the price further lower.
Looking at the indicators:
4H MACD – The 4H MACD is in the negative zone, and suggesting more losses in the near term.
4H RSI – The RSI is around the oversold readings, which means there is a possibility of a minor recovery.
Intraday Support Level – 0.000205BTC
Intraday Resistance Level – 0.00035BTC
Charts from Bitfinex; hosted by BitcoinWisom