📊 Technical analysis $RIVER
Price structure: After a horrific drop from the peak of 86.0, the price is finding a balance point around the range of 8.5 - 11.0. Currently, the price is showing signs of a technical rebound as it continuously creates higher lows on the 15-minute and 30-minute frames.
1H & 4H frame: The price has surpassed EMA(50) and EMA(100), indicating that a short-term uptrend is forming. MACD on the 1H frame has started to cut above the 0 line with the Histogram gradually turning dark green.
RSI indicator: RSI(6) on the 30-minute and 1H frame is at a high level (75-79), indicating that buying pressure is enthusiastic but there is a short-term adjustment risk due to overbought conditions.
Resistance/support area:
Strong support: 8.544 (Recently established low).
Near resistance: 11.040 (Recently created short-term peak).
🚀 Trading Plan
With the price in a rebound wave after a strong sell-off, a LONG strategy when the price adjusts (Retest) will have a higher win rate than chasing the current price.
Order: LONG RIVER/USDT (Perpetual)
Entry area: 9.650 – 9.950 (Wait for the price to adjust to the EMA(50) area on the 15-minute or 30-minute frame for the best position).
Take Profit:
TP1: 11.040 (Rechecking the old peak).
TP2: 12.130 (EMA(100) area on the 4H frame).
TP3: 14.000 (Psychological area and EMA resistance on the daily frame).
Stop Loss: 8.900 (Below the EMA cluster on the 1H frame and the nearest growth candle low).
⚖️ Risk/Reward ratio (R:R)
R:R ratio: About 1 : 2.8 (Risking 1 part for nearly 3 parts of profit).
⚠️ Special note from the expert
Coin characteristics: RIVER is a coin with very long candle ranges (many wicks). You must use low leverage (x3 - x5) to avoid being liquidated by unexpected "wick sweeps."