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RSR/USDTPERP Potential Downward Movement

RSR/USDTPERP Long-Term Trend: Bearish

Key Resistance Levels: 0.02180, 0.02264, 0.02349

Key Support Levels: 0.02053, 0.01974, 0.01916

Daily Chart:

The price on the higher time frame found sellers around the 61.80% Fibonacci retracement level which led to a huge selloff and a breakout of the bearish pennant formation. We expect further movement to the downside in the coming hours.

RSR/USDTPERP Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the coin posted a double top formation which led to a reversal and a move to the downside. a higher correction is expected to the neckline of this pattern before an impulsive wave to the downside.

Signal Idea:

Sell Limit Order @ 0.02177

TP 1 @ 0.02055

TP 2 @ 0.01974

Stop Loss @ 0.02218

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.

One comment

  1. Can you please tell me which broker you use to trade this pair RSAUSDT
    Because I can’t find it on Hugo’s way on MetaTrader
    Thanks you

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