Graphical and Fundamental Analysis of Riot Blockchain (RIOT)
Updated
1. Graphic Analysis
The price has broken a diagonal support at the white line.
If going to bet on a rise, I would expect a bear trap at $4.
If the downtrend continues, the next targets will be hit on the Fibonacci projection.
$1.30 would be the longer target.
The indicator at the bottom demonstrates the correlation with the price of Bitcoin, which is positive.
The macro scenario remains bad, largely due to the FTX crash.
The quarterly results presented by blockchain and mining companies are being released, and by the way, they are not good.
The question is: if the next results are not positive or if more companies fail, to what extent this would affect Bitcoin and other cryptocurrencies.
2. Fundamental Analysis
The price has broken a diagonal support at the white line.
If going to bet on a rise, I would expect a bear trap at $4.
If the downtrend continues, the next targets will be hit on the Fibonacci projection.
$1.30 would be the longer target.
The indicator at the bottom demonstrates the correlation with the price of Bitcoin, which is positive.
The macro scenario remains bad, largely due to the FTX crash.
The quarterly results presented by blockchain and mining companies are being released, and by the way, they are not good.
The question is: if the next results are not positive or if more companies fail, to what extent this would affect Bitcoin and other cryptocurrencies.
2. Fundamental Analysis
Note
Note
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