RSR 1-Week Chart Shows Incoming Correction

Overall Bullish Movement, but correction in the works?

We need to play close attention to the RSR chart in the coming days. I think a correction is coming our way. This might be the last chance to jump on the band wagon before the train leaves the station. Let’s take a look at the 1-day candle chart and look at the clues…

The first most obvious thing that jumps out at us would be the declining double top formation. We have a lower high printed at Point 2, and this coincides with the stochastic rounding off and exiting the overbought territory. With the volume cluster sitting below at the popular trading price of 0.012, I think we could be revisiting that level one more time.

The On-Balance Volume continues to look strong, showing overall accumulation going on with the institutional buyers. This is a good sign. If the OBV stays healthy during the correction, I think we are going to be in for a robust bull market season with new all-time highs coming at us faster than we can think.

If the price line continues to obey that declining resistance line, look for this correction to play out. But if we break that declining trend line, the bull run party might be starting early.

Carlton Flowers
The Crypto Pro

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