RIOT: Second Chance
Updated
The miners have had an absolute face ripper rally over the last few months pending an ETF approval, which was finally received. Perhaps not as well as some may have thought.
Due to popular request I have created some zones for where I believe RIOT will likely pullback to after a nice impulse move.
Now RIOT is a bit different from MARA in the case that the .618 retracement has already been reached at $9, which was over a 50% move from the top.
Instead, I have marked our ranges for both these moves in Orange (top and bottom) , as well as the range points of control which are marked in Blue.
For those who may not be familiar, a "Range Point of Control" is where the majority of the liquidity sits. Hence it will likely be the strongest support, or resistance.
This is why RIOT is currently being pulled back into the liquidity zone of the range point of control just below $11, although I don't particularly believe that area will offer us much support. If it does, there likely wont be much upside hence the risk reward wont make much sense.
I do believe we may potentially break below this level as the Value Area Low of the range sits at $8.50.
If we break below there, then we will look towards the previous Value Area High and Point of Control which sit between $6.50 and $7.50.
I would consider accumulating RIOT from $7 - $9. The lowest I would really expect is $6.50, and if it reaches this zone, please do not panic as I think it is a quick buying opportunity that wont last too long.
Good Luck!
Due to popular request I have created some zones for where I believe RIOT will likely pullback to after a nice impulse move.
Now RIOT is a bit different from MARA in the case that the .618 retracement has already been reached at $9, which was over a 50% move from the top.
Instead, I have marked our ranges for both these moves in Orange (top and bottom) , as well as the range points of control which are marked in Blue.
For those who may not be familiar, a "Range Point of Control" is where the majority of the liquidity sits. Hence it will likely be the strongest support, or resistance.
This is why RIOT is currently being pulled back into the liquidity zone of the range point of control just below $11, although I don't particularly believe that area will offer us much support. If it does, there likely wont be much upside hence the risk reward wont make much sense.
I do believe we may potentially break below this level as the Value Area Low of the range sits at $8.50.
If we break below there, then we will look towards the previous Value Area High and Point of Control which sit between $6.50 and $7.50.
I would consider accumulating RIOT from $7 - $9. The lowest I would really expect is $6.50, and if it reaches this zone, please do not panic as I think it is a quick buying opportunity that wont last too long.
Good Luck!
Note
Buy Zone Is between $6.50 - $8.50Note
Slowly moving down into the buy zoneNote
The buy zone might be approaching this month. Be patient, last half of February is historically bearish.Note
Note
Coming into our buy zoneNote
We have officially reclaimed the daily zone. Buy zone activated. I have not taken a trade on riot and decided to move into some other miners and plays, however this is a totally acceptable long trade.Note
Potential double dip coming upTrade active
Buying the DIP Note
Visualizing your total risk , to reward.
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