Bro, I wouldn’t chase $RICE longs here either.
The chart just showed a massive move from around $0.003 to a high near $0.0196 before getting rejected hard.
Now $RICE is back around $0.0071 and the daily candle is already showing strong selling pressure after that spike.
Volume exploded during the move but price failed to hold the highs. That’s something I’d be watching closely.
I’m not saying blindly short here.
I’d rather wait for confirmation that buyers are losing control and that the current support starts breaking.
If that happens, the reversal setup becomes much more interesting.
After a move like this, chasing either side can burn you.
Let the chart confirm the next direction first.
The chart just showed a massive move from around $0.003 to a high near $0.0196 before getting rejected hard.
Now $RICE is back around $0.0071 and the daily candle is already showing strong selling pressure after that spike.
Volume exploded during the move but price failed to hold the highs. That’s something I’d be watching closely.
I’m not saying blindly short here.
I’d rather wait for confirmation that buyers are losing control and that the current support starts breaking.
If that happens, the reversal setup becomes much more interesting.
After a move like this, chasing either side can burn you.
Let the chart confirm the next direction first.