Here’s a breakdown of the RR (Richtech Robotics Inc.) 1-hour chart you shared, covering about 3 months of price action:
Trend Overview
- Initial Phase (April–Mid May):
Gradual uptrend with higher lows, forming a base from ~$1.80 to ~$2.40. - Mid May–Early June:
Strong bullish breakout to ~$2.90, eventually reaching a peak near $3.20.
This was followed by high volatility and profit-taking. - Mid June–Early July:
Clear downtrend. Price declined from ~$2.80 to a low around $2.00, breaking previous support levels.
Momentum faded and volume dropped, signaling seller exhaustion. - July to Present:
Consolidation and early signs of recovery.
Price stabilized above $2.00, then broke above short-term resistance around $2.20–$2.25.
Support and Resistance Levels
- Support Zones:
- $2.00 – strong psychological level and recent base.
- $1.80 – prior low in late April.
- Resistance Zones:
- $2.40 – price struggled here in June and early July.
- $2.60 – former support now acting as resistance.
- $3.00+ – peak zone from early June.
Volume Insights
- Low volume during the downtrend.
- Spike in volume on the most recent rally (July 22–23), signaling renewed interest or accumulation.
Key Pattern Observations
- Rounded bottom from mid-June through mid-July.
- Breakout candle on July 23, closing higher with volume — potential reversal or retest long setup forming.
- No clear trendline break yet, but price is attempting to build above TL2:Sup (if using your TL2 system).
What to Watch Next
- Does price hold above $2.20 after this move?
- Is there a clean retest of $2.20 or $2.00 with lower volume?
- Watch for volume confirmation and follow-through toward $2.40 and $2.60.
Summary Checklist (Retest Long Setup)
| Criteria | Status |
|---|---|
| TL2:Sup or prior support tested | ✅ Around $2.00 |
| Volume increase on breakout | ✅ Confirmed |
| Higher low structure forming | ✅ Yes |
| Resistance breakout (near-term) | ✅ $2.25+ |
| Clean retest opportunity | 🔲 Waiting |
| RSI/Momentum confirming | 🔲 Not shown in chart |
Let me know if you want:
- TL2 levels plotted
- RSI or moving averages overlaid
- Pattern labeling (e.g., breakout zones)
- Entry/exit plan ideas based on this move