RIOT daily pennantBTC gonna melt up to 70k only a matter of time and these heavily shorted crypto miners will go with it beyond their fundamental value, as we saw in February.
Crystal ball prediction, not financial advice.
RIOTD trade ideas
RIOT Short Term Buy, Long Term SellRIOT has been slowly loosing range. It will probably go up in the short term. Being long is risky, as the price sits in the middle of a wedge, and can definitely drop lower.
Just like someone else here said about the Bitcoin, trading this is not worthwhile, until it breaks out of either trend line.
Critique my RIOT Elliott wave patternHey community, I've been aware of the Elliott wave theory for a while but I rarely rely on my interpretation of them as I'm not confident with my understanding of the practical yet.
I was hoping a few of you Established Elliott Wave users in the community could critique and evaluate my graph.
I think I've applied the theory correctly, if I haven't please point it out so I can learn the correct way.
Cheers.
RIOT BLOCKCHAIN - LongRiot Blockchain,
a cryptocurrency mining company, has expanded its fleet and mining capacity with a new purchase order for 42,000 S19j Antminers from Bitmain.
The purchase order, valued at $138.5 million, is part of a coordinated growth plan to significantly increase Riot’s Bitcoin (BTC) mining hash rate. As a result of the current and previous orders, Riot said it is scheduled to receive a minimum of 3,500 S19j Antminers per month beginning in November and running through October 2022.
As Cointelegraph previously reported, Riot expects to achieve a hash rate capacity of 3.8 exahash per second by the end of 2021. Once deployed, the new order of 42,000 Antminers will more than double the capacity to 7.7 EH/s.
Once fully operational, Riot’s mining fleet will consist of 81,150 Antminers, of which 95% are the latest generation S19 miners.
Shares of Riot Blockchain were down sharply Wednesday, reflecting the overall downtrend in the cryptocurrency market. The stock is down 7% at the time of publication and has corrected 36% from last month’s all-time high. Astonishingly, Riot’s 52-week low is $0.93. It peaked at $79.50 in mid-March and currently trades just above $50 a share.
Riot Moving up towards bigger pattern resiatnce. Higher high higher lows. Does it need further correction or can it hold here. Watching all of my support levels 51.25 is an area I’m watching but the pattern I perceive it’s in is holding support as of now. Slowly creating. Bullish divergents but not confirmed
RIOT Rounding UpRIOT has formed a rounding pattern, the top of the rounding formation will meet resistance at the $65 level. It has also posted a higher low and is showing signs of a correction wave pattern, which could take price to $73 range as a secondary target. Best case scenario is to take profits at $65 and look for a re-entry after a pullback off of the 65 resistance, then ride the next wave higher to 73. A break below the rounding pattern would trigger an exit, which currently would be the 52-53 range as a stop.
Moar dump?Called the top on $IDEX at ~5$ no one believed me
Called the top on $TSLA at ~900$ no one believed me
Not saying this is the top on $RIOT but this doesn't look good to me. Pretty obvious A&E IMO. I wouldn't be surprised to see a bounce and more upside off the neckline either though so I'm not going to short but all the perma bullish charts and NO mention of A&E is quite alarming.
Riot Blockchain forecastThis projection is based on a conglomeration of input data like log scale trend, elliott wave, overall market cap potential of the underlying, a 47 day consolidation period, and very bullish sentiment within BTC, Riot could easily 10x its comparative 2017 pump just as BTC has demonstrated 10x cycles, riot is still a very small market cap and riot has some catching up to do considering other blockchain related stocks have begun their moves
