Big things could be in store for RIDE after a brutal yet easily foreseen correction in price for the larger part of the year so far.
This asset has been a bucking bronco and now looks to be whipsawing inside of an ascending channel on the weekly and daily timeframes. There appears to be support just below $10 at the moment and should this level hold on the weekly, a spike to the .236 fib level could be in store at $12.64 - a whopping 37% move to the upside. That will be the first level to take profit. The top of the ascending channel would be the ultimate target which currently stands at roughly 70% to the upside from the current price as of writing this.
The opening of this short week on Tuesday will be telling as this is an asset that moves very quickly.
Take note of the RSI on the weekly as it is at a low risk area with plenty of room to run to the upside if it so chooses to. The same can be said of the daily RSI as well.
Lastly, a breaking of the green support line with a confirmed close on the weekly would suggest a return to the $6.72 low - 27% drop from where we currently stand.
This trade will require one's active and preferably professional attention due to the volatile nature of this asset's price action.
This asset has been a bucking bronco and now looks to be whipsawing inside of an ascending channel on the weekly and daily timeframes. There appears to be support just below $10 at the moment and should this level hold on the weekly, a spike to the .236 fib level could be in store at $12.64 - a whopping 37% move to the upside. That will be the first level to take profit. The top of the ascending channel would be the ultimate target which currently stands at roughly 70% to the upside from the current price as of writing this.
The opening of this short week on Tuesday will be telling as this is an asset that moves very quickly.
Take note of the RSI on the weekly as it is at a low risk area with plenty of room to run to the upside if it so chooses to. The same can be said of the daily RSI as well.
Lastly, a breaking of the green support line with a confirmed close on the weekly would suggest a return to the $6.72 low - 27% drop from where we currently stand.
This trade will require one's active and preferably professional attention due to the volatile nature of this asset's price action.