Reserve Rights (RSR) is trending upwards from its May 12 lows but is yet to reclaim the previous all-time low support level.
The RSR is decreasing below a descending resistance line since April 2021. The downside movement resulted in a new all-time low of $0.003 in May 2022.
The price has been trending upwards since then and managed to break out of the line in early June. However, despite the breakout, it has failed to initiate any sustained upward movement.
Conversely, the price is still trading below the $0.0095 resistance area, which previously acted as an all-time low.
Additionally, the weekly RSI is below 50, which is also considered a bearish trend signal.
unsuccessful attempt to accelerate
The daily chart shows that the upward movement followed an ascending support line after the May 12 lows. Although it reached a high of $0.013, RSR formed a long upper wick after it was rejected by the $0.0114 resistance area (red icon).
Later, the downward movement caused a breakdown from the above ascending support line and its recognition as resistance.
Moreover, the daily RSI is below 50 which is considered to be a sign of a bearish trend.
Therefore, the daily time frame is not showing any signs of a potential bullish trend reversal.
RSR waveform count analysis
cryptocurrency trader @TheTradingHubb Tweeted a chart of RSR, which says that the price has completed a five-wave upward movement and another may soon follow.
Unlike the weekly and daily charts, wave count provides a more bullish outlook. This is because the uptrend below May 12 is a five-wave structure, while the upcoming decrease is an ABC corrective structure.
If wave C is low (red line) at $0.0055, the price could resume its upward movement. However, a fall below that level would indicate that new lows are in store.
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