$RIVER Just Crashed From and Something Interesting Is Happening at These Levels
I have been watching this chart quietly for the last few hours and what I am seeing right now is not what most people expect after a drop this violent.
RSI on both the 1H and 4H is sitting at 16 to 17. That is one of the most oversold readings you will see on any chart. The last two times this asset printed RSI readings this extreme it bounced hard within 24 hours. Not a recovery. A bounce. There is a difference and it matters.
The 4H shows price finding a temporary floor at 6.670 after sellers absolutely destroyed this from 9.598. Every EMA is above as resistance which tells me the longer term structure is still damaged. But short term the selling pressure on these candles is beginning to exhaust itself. Volume spiked on the dump and is now fading. That is the first sign buyers are starting to step in quietly.
This is not a recovery trade. This is a bounce trade with defined risk.
Entry 6.784 to 6.864
SL 6.328
๐ TP1 7.196
๐ TP2 7.444
๐ TP3 7.817
The setup only works if 6.670 holds as a floor. If that breaks the next meaningful support is significantly lower and the trade is invalid immediately.
Keep size small. RSI this low in a downtrend means volatility in both directions is extreme right now.
Here is the real question nobody is asking ๐
$RIVER dropped from $7.53 to $6.67. At what price do you think the real buyers finally step in and stop this bleed permanently? Drop your honest number below ๐
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