Jun. 8 at 4:25 PM
$RIOT printed a Fred Tam candle last week at ascending resistance—basically a gap up inside last week’s green range that closes below the open. Classic caution flag.
Price started this week with a gap higher but immediately ran into sellers. Bulls are clearly struggling, and sellers are more active as we hit resistance.
The trend is still constructive, but this isn’t the place to chase longs. My plan? Sit back, watch for a clean bullish continuation pattern below resistance or wait for a deeper retracement into stronger support for a better risk/reward.
Traders, what’s your take—hold through this resistance or wait for a cleaner entry? I’m curious how others are sizing this one.
