Don't Chase Rainbows: RIOT's Inverse Head and Shoulders - Opportunity or Illusion?
RIOT's chart shows an interesting development with a potential inverse head and shoulders pattern. Based on technical analysis, this pattern could indicate a move towards $38. However, remember that the crypto market is volatile and reaching this target is not guaranteed.
Another Bitcoin associated runner that likely continues to ascend as long as BTC is in bull market.
If can break above 17 looks ready for a run at 22 resistance, after which it may consolidate before running higher to mid of the whole move (~$40) sometime around the halving event in April this year.
Short-term bullish on $RIOT. Dependent on BTC action and market conditions.
Looking for a hold over 14. Ideally, a retest of the ~14-14.25 range intraday
Would target 2/23, 15c or 16c. I expect some chop and/or an inside day in the beginning of the week, so want to buy some time. May even look at March cons.
TP1 @ 14.79
TP2 @ 16
TP3 runners @ 17
Recent uptrend...
Which I think it will slice through!
#Bitcoin miners tend to follow big technical patterns really well.
From the top you can see the massive bear flag that lasted pretty much all of 2021
all whist in the bitcoin bull market and non conforming disappointing price action
the secondary bear flag in 2022 that led to a precipitous drop
and now there is a...
Big boy liquidity has been building up at current support levels for crypto related stocks.
From these regions, Price can absolutely fly, or die haha.
The risk to reward to start averaging with very high probable buy positions is $6.50 (prime entry region) to current levels around $11 region
Liquidity shows all of the potential at these levels. The rewards can...
The bounce upward this week is looking choppy and corrective, keeping the bearish count alive. If this path continues next week, we should see heavy resistance between $12 and $13. The leg down afterwards should be the last leg on this downside, and we should see the entire crypto market come alive with intense impulsive drive when that is done. Right now, if we...
Riot Platforms Inc is a bitcoin mining company. Its stock price positively correlated with bitcoin price. When bitcoin is up miners sell less btc to support operations. Therefore, they get to keep more btc in their balance sheet.
Riot Bullish
I am not a financial advisor. This is not meant to be and does not constitute financial, investment, trading, or any other types of advice or recommendation.
RIOT is going through a major rout right now. It has fallen much harder compared to BTC. At this point we should see at least a relief rally for both. Current price action looks like a larger wave C is playing out. However, we cannot completely discount the bullish case. The way to identify would be the pace and strength of the next move. If we see a choppy wave 4...
Riot a share in every crypto portfolio. I am assuming an entry period of the next 4 weeks. Compared to many short fans who see Bitcoin in further depth, I am firmly convinced that we have been in the bull market since September, exceeding USD 25,000, and that the market will not allow a major price decline. I'm betting on Riot in this crypto bull market. I am...
