Current Market Situation
Trend: The market is clearly in a Down-trend. The price has dropped significantly from its recent high of $23.877 down to $11.942.
Support & Resistance: The price is currently approaching a previous major support zone between $10.93 and $11.50.
2. Buying Opportunity (Buy/Long)
Buying right now is risky because the downward momentum is strong. For a safer entry:
Support Level: Wait for the price to hit the $10.90 – $11.20 range. If the price stabilizes there and forms a green reversal candle, it could be a good entry point.
RSI Indicator: The RSI is at 17.05, which means the market is Oversold. This suggests a temporary "bounce back" or relief rally might happen soon.RIVER#USNonFarmPayrollReport
Target: Your first target (Take Profit) could be $13.50 and the second at $15.00.
3. Selling Opportunity (Sell/Short)
Since the overall trend is bearish, selling is the trend-following move. However, selling at the current price is risky because you would be "selling the bottom."
Sell at Resistance: If the price bounces up to $13.50 or $15.00 and shows signs of rejection (red candles), that would be a better place to open a Short position.
Breakdown: If the price breaks and closes below the $10.90 support, further selling down to $10.00 is likely.
Summary & Strategy
Wait and Watch: The market is at a critical support edge. Don't "Short" immediately because the low RSI suggests a sudden upward spike could occur.
Stop Loss (SL): If you decide to go Long (Buy), place a strict Stop Loss below $10.50.
Risk Management: With a 21% daily drop, the market is highly volatile. Use low leverage to protect your capital. #USNonFarmPayrollReport #RIVER $RIVER
