Guys I am watching $RIVER closely:
On the daily timeframe, price action is showing notable strength, with aggressive buying pressure emerging from the 11.812 lows and pushing price toward current daily highs around 17.489. Bulls are actively attempting to test and reclaim the previous day’s highs, with the market posting gains of over 26% on the day.
However, despite the strong intraday performance, the broader market structure remains bearish on higher timeframes. This means the current rally, by itself, does not confirm a trend reversal. The true significance of this move will be determined by how the market closes on the daily chart.
From a risk-management standpoint, patience is warranted. I prefer waiting for the daily candle to close before initiating positions. A strong daily close would increase the probability of bullish continuation, potentially allowing price to move higher and fill the upper wick visible on the daily chart. On the other hand, a weak or indecisive close would suggest this move may be corrective in nature and could prove temporary rather than structural.
Summary:
Strong buying pressure is present on the daily chart, but the higher-timeframe trend remains bearish. Confirmation depends on the daily close—strength favors continuation, while failure to close strong increases the risk of a short-lived rally.