Reserve Rights (RSR) bounce off support but may still check September bottom

Reserve Rights (RSR) are likely near the lower end of the downtrend but could sweep over the September lows before they reverse.

Day outlook

On December 2nd, the RSR hit a high of $ 0.059 and turned down, leaving a long wick above it. The rejection confirmed the $ 0.057 area as resistance.

The RSR has since declined, falling as low as $ 0.028 in December.

Although it has rebounded slightly, the technical indicators are still falling.

The MACD, formed by the short and long-term moving averages (MAs), is in negative territory and is decreasing. This is a bearish sign as it shows that the short term MA is falling faster than the long term MA. Although his histogram is in the process of generating a higher momentum bar (green symbol), it is still too early to name a reversal.

The RSI, a momentum indicator, is below 50 (red symbol). This also counts as a sign of a downtrend.

The main support area is at $ 0.026. This is the 0.786 fib retracement support and the horizontal support just below the September low.

rsr-bat-len

Daily RSR / USDT chart | Source: TradingView

Count waves

Trader @Altcoinsherpa tweeted the RSR chart, indicating that a dip into the USD 0.02 support area is likely.

rsr-bat-len

The source: Twitter

Due to significant overlap, the September 22nd – December 2nd (highlighted) move appears to be a correction. Therefore, it makes sense if it is part of wave B in the ABC correction structure.

In this case, the RSR is now in wave C.

The likely end of wave C would be just below the September low (red line) at $ 0.031, which is a slightly lower level for wave A.

rsr-bat-len

Daily RSR / USDT chart | Source: TradingView

RSR / BTC

RSR / BTC has fallen along with a descending resistance line since hitting an all-time high in August, and on October 22nd, RSR / BTC hit a new yearly low of 51 satoshis.

However, it has since rebounded, regaining the horizontal support area of ​​60 satoshi.

Whether the price breaks below this zone or above the resistance line will be the determining factor in determining the direction of the future trend.

1639665716 776 Reserve Rights RSR bounce off support but may still check

Weekly RSR / BTC Chart | Source: TradingView

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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