SUMMARY: bullish and consolidation period ending - looking for entry point to go long.
-- Technical -- RSR has been consolidating for the last 4-5 weeks and looks to be ending it cycle, after breaking to the downside on the ascending triangle.
Bollinger Bands daily is pushing the bottom of the volatility cloud and indicates a bottom has been reached.
MACD daily is indicating momentum down is slow and we are close to golden cross.
RSI 1D shows plenty of headroom for upwards buying momentum.
-- Fundamentals --
RSR is a solid project with a market cap of approximately 1BN - I see as a challenger to XLM or XRP. It could easily achieve a 10x upswing in this environment.
Needless to say - I am ultra bullish on this one.
$$$ Happy Bull Market Alts season is here $$$
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*Not financial advice and is for educational purposes only. Always DYOR.
so then why do you show it going back lower to the 6 cent area if a bottom has already been reached??
Tez8
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@aagarcia, thanks for the question - good one too. I think there is potential for a bit more retracement.
If you take a look at my BTC analysis, (video for extensive breakdown), I believe the market has bit more to go for the correction to finish.
Hence, a further decline on RSR to finish the dip.
Please follow me for updates.
BTC : full breakdown:
Tez8
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@aagarcia, that is why I had the line point down. There was more downside to play out.
Please follow me and like the idea.
aagarcia
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@Tez8, yes but there was WAY more downside across the board. No one could have predicted today. Let's hope the markets recover
Tez8
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@aagarcia, I am not trying to predict an exact price level. Clearly, there was a flash crash with a wider market sell off (mkt was already on edge).
My forecast was to indicate there would be a low around this point of time, before the bull market resumes.
Please like and follow me for more updates.
aagarcia
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@Tez8, I understand. Thanks. So do you think it hits $1 EOY?
Tez8
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@aagarcia, thanks for your question. I will answer in parts.
1) Will RSR hit $1.00 : Yes, I believe it will hit $1, it is my base case.
- Currently, RSR mkt cap is about £1bn, if it reaches 10bn - very achievable - it will be worth $1 each.
- If it pulls a Dogecoin movement, it can go in excess of $2+ each.
2) I am charting daily movement. I was not attempting to chart intra-day volatility -scalping trades data.
- The forecast price was about 6c , the daily closed on the 4.5c, not so far off.
- The long wick shows there is plenty of buying support out there.
aagarcia
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@Tez8, unfortunately BTC may retest the 30k mark and that may pull RSR below .01 again. Thoughts?
Tez8
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BTC , I agree it is likely to be retested and may go as low as 28.8k. RSR reaching 1c, possible; however, there is deep liquidity at the 2.5c level. It will too be a total capitulation to hit the 1c .
RSR is starting to become more recognised.
aagarcia
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@Tez8, I also agree however it seems the team is having issues with scalability and they have pushed out milestones before so Mainnet may not even happen this year if they can't deal with the scalability issue so $1 may be too high of a number by end of year