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RSR/USDT (Futures) Potential Downward Movement

RSR/USDT (Futures) Long-Term Trend: Bearish

Key Resistance Levels: 0.026159, 0.026845, 0.028520.

Key Support Levels: 0.023691, 0.023028, 0.023000.

Daily Time Frame:

The price on the higher time frame succeeded to break the parallel channel or the consolidation to the downside where the market posted a retracement to the lower end of this pattern. By posting this correction, the market left a lower higher signaling that the sellers are in control of the market.

RSR/USDT (Futures) Medium-Term Trend: Bearish

1-Hr Time Frame:

On the lower time frame, the price managed to break the bearish flag pattern to the downside where the market found sellers around the area of confluence made of the 50% Fibonacci retracement level, a strong resistance and the lower end of the channel. A higher correction could be seen before the drop toward the target profits.

Sell Limit Order @ 0.026009

TP 1 @ 0.023817

TP 2 @ 0.023028

Stop Loss @ 0.027095

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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