#RIVERUSDT Descending channel ?

#RIVER

The price is moving within a descending channel on the 1-hour timeframe and has reached the lower boundary. It is now poised for a bounce and is expected to retest this boundary.

The Relative Strength Index (RSI) indicates a downward trend, which is likely to continue given the overbought conditions.

There is a key support zone (in green) at 5.70, and the price has bounced off this zone several times, making it a strong support level.

The price is trending towards the 100-period moving average, which we are approaching. This trend supports an upward move.

Entry Price: 6.10
First Target: 6.27
Second Target: 6.45
Third Target: 6.65

You can stop at the first and second targets and close below them, or continue towards the third target.
Stop Loss: At the resistance zone (in green).

Remember this simple rule: Money Management.

Any questions? Please leave a comment.

Thank you.