$RIOT, more downside around $8 before higher?

As you can see on the chart, RIOT has formed a rising channel and has broken to the downside and is currently testing the channel as resistance. Should it not be able to make it back into the channel, then my bias leans towards more downside before higher prices.

As of now, I lean towards the lows getting retested or broken and a bottom forming around the $8 region.

After that takes place, then I think RIOT is primed for a large move higher in which we should see prices go 100%+ into the $15-$17 region.

Let's see if/how it plays out.