Happy Sunday Rangers! We are introducing a new format for TA Sunday this month, aimed at easier sharing and viewing.
You can find previous reports in separate Medium articles for both January 2021 and February 2021.
TL;DR
As mentioned in last week’s report, any buys below the $0.065 range would have paid off nicely by now, with RSR closing February at new highs on the monthly, and setting up for another month of solid growth.
A little fundamentals can go a long way.
I do expect continued positive news as the previously closed beta opens up to countries in South America — Venezuela, Argentina, Columbia, and Panama — and more users continue joining the platform. This fundamental strength will add fuel to the fire of what is a technically strong continuation of the last several months of steady building and growth through the closed beta program.
In mid-March, the app will open to users on a rolling basis. We are already seeing the first signs of enhanced marketing from the Hola Reserve Twitter, as well as positive feedback from a campaign to increase remittances from Argentina with a $10 incentive, as seen below.
Weekly Timeframe — USD Pair
On the weekly timeframe (USD Pair, Log Scale), we can see Marzo shaping up to be an exciting month already, with tests today of the $0.078 prior all-time high before settling in the low seven cent range over the past hour or so.
Zooming in a bit, we can see a breakout of the consolidation from the last week, closing a new weekly high and setting up this week for test of the upper range of the existing channel, at around $0.094. A break through this bound would likely mean continued price discovery toward the $0.10 — $0.12 price target we have for March.
Daily Timeframe — USD Pair
On the Daily timeframe, we experienced the bounce from the $0.045–0.050 level mentioned last week, and continued closing our daily candles within the channel shown. It is fair to expect continued movement higher as the new week begins and bitcoin regains its strength after a difficult few weeks.
Daily Timeframe — BTC Pair
We have once again broken higher from the 130 sat resistance level, similar to mid-February, as expected last week following MACD crossover on the daily RSR/BTC charts.
A solid break and daily close over 160 would confirm breakout against BTC, however for now I do expect continued ranging between 130 and 160 as bitcoin likely regains its strength this week.
DISCLAIMER: “TA Sunday” is for entertainment and informational purposes only and is not meant to be construed as financial advice of any kind. All investments carry risks.
“TA Sunday” is not endorsed or supported by the Reserve Team, or any of its affiliates.
