In retrospect, on most cyrpto, the writing was on the wall for a major pullback.
RSR was no exception and dipped significantly. On Binance, dropped even deeper, but I use Huobi as it has full history.
In this case, I count a complete 5 wave move up. My EW is not the best, so take it or leave it. What was obvious though are the 4 consecutive tops on a daily timeframe with bearish divergence on RSI. This coupled with the BTC Dom chart looking to be locally bottomed at support, should have been an obvious red flag, which I ignored due to the Alt mania.
The move down is difficult to count but wave 2s tend to be sharper and more aggressive and we have touched the 0.382 fib on Binance already. If BTC has found local bottom then RSR should do well.
RSR was no exception and dipped significantly. On Binance, dropped even deeper, but I use Huobi as it has full history.
In this case, I count a complete 5 wave move up. My EW is not the best, so take it or leave it. What was obvious though are the 4 consecutive tops on a daily timeframe with bearish divergence on RSI. This coupled with the BTC Dom chart looking to be locally bottomed at support, should have been an obvious red flag, which I ignored due to the Alt mania.
The move down is difficult to count but wave 2s tend to be sharper and more aggressive and we have touched the 0.382 fib on Binance already. If BTC has found local bottom then RSR should do well.
Note
Low timeframe looks good. RSR hasn't been performing as well as some of my other alts but it looks to be setting up. If BTC can hold up, RSR looks good for the coming days/weeks.Note
BTC did breakdown from last post and RSR followed in it's usual dramatic fashion.Currently still inside this descending channel. Channels tend to break in the opposite direction so for now, I'm bullish. Also, BTC looks good on the LTF, so RSR should as well. Main concern for me now is for the RSRBTC pair to hold up.
Note
Here's the BTC pairing which is holding on by a thread. If this level breaks, then I'd expect next level to be in the mid 60s.Note
Not looking great. Would not have thought we could consider approaching a penny again so soon. But for those with cash on the sidelines, could be a great buying opportunity whenever/wherever the bottom ends up being.Note
Def do not want to see price lose the blue boxNote
Held onto the 0.382 fib. Cautiously optimistic in the short term.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.