RIOT trade ideas
RIOT retraced and could reverse but BTC is falling SHORTOn the 15-minute chart- RIOT uptrended and then retraced. It is now supported by the
standard Fibonacci retracement zone and UNDER the intermediate term mean anchored VWAP.
On the RSI indicator, the signals are UNDER the 50 level another suggestion of direction
being forecasted. In the meanwhile BTCUSD is trending down. while RIOT is not trading. I will
watch RIOT after the open on Monday fully expecting it will fall into the lower VWAP bands but
there could be a surprise if BTCUSD reverses over the weekend.
Texas Clashes with Bitcoin Mining Firm RIOTIn the heart of Texas, a clash of interests has erupted as Riot Platforms' ( NASDAQ:RIOT ) ambitious plans for a Bitcoin mining facility encounter staunch opposition from local residents and authorities. What initially seemed like a promising venture for economic growth and job creation has now become a battleground, highlighting the environmental and social concerns associated with the burgeoning Bitcoin mining industry.
The Rejection:
On March 11, the Navarro County Commissioners dealt a significant blow to Riot Platforms ( NASDAQ:RIOT ) by rejecting their proposal for a reinvestment zone, a crucial step in establishing the largest Bitcoin mining facility in Texas. Citing overwhelming public opposition, the commissioners opted against approving the zone, signaling a shift in sentiment towards Bitcoin mining in the Lone Star State.
Residents' Concerns:
The rejection reflects a growing chorus of concerns voiced by Texans regarding the environmental impact, energy consumption, and noise pollution associated with Bitcoin mining operations. Despite Texas' historical embrace of industrial activities like oil drilling and fracking, residents are now questioning the benefits of incentivizing Bitcoin miners, especially in light of the industry's hefty resource demands and limited job creation.
Water and Energy Consumption:
Foremost among residents' concerns is the substantial water and energy consumption inherent in Bitcoin mining operations. With Texas grappling with water scarcity and rising temperatures, the prospect of a Bitcoin mine consuming 1.5 million gallons of water daily during peak summer months raises significant alarm. Moreover, the industry's contribution to an estimated $1.8 billion increase in the state's yearly power bill underscores the strain on resources and the environment.
Social Impact:
Beyond environmental considerations, critics argue that the promised economic benefits of Bitcoin mining have failed to materialize. Despite Riot Platforms' pledges of job creation and investment, the reality falls short of expectations, with only a fraction of projected jobs materializing and minimal economic spillover into local communities. This disconnect between promises and outcomes fuels skepticism among residents and officials alike.
The Industry's Response:
In response to mounting opposition, Riot Platforms ( NASDAQ:RIOT ) and other Bitcoin mining companies defend their operations, highlighting the economic activity generated by their facilities and the ancillary benefits to local businesses. However, concerns persist regarding the industry's reliance on automation, which limits job opportunities, and its failure to align with the broader interests of Texas communities.
Future Prospects:
As Riot Platforms ( NASDAQ:RIOT ) contemplates its next move in Navarro County, the broader implications of the Bitcoin mining clash reverberate across Texas and beyond. The standoff underscores the need for a balanced approach to economic development, one that considers environmental sustainability, community well-being, and long-term prosperity. Whether Bitcoin mining can reconcile its ambitions with the concerns of local residents remains uncertain, but the outcome will undoubtedly shape the future of the industry in Texas and beyond.
JPMorgan Upgrades Riot Platforms Stock Rating. Idea 21/03/2024Investment analysts at JPMorgan have upgraded Riot Platforms Inc.'s stock rating from "Neutral" to "Overweight" and set a target price of 15.00 USD. This adjustment is based on the anticipated significant growth in Riot Platforms' hash rate, a key performance indicator in the cryptocurrency mining industry.
Riot currently operates with a hash rate of 12.4 EH/s at its 700 MW facility in Rockdale. The company aims to activate nearly 20 EH/s at a new 1 GW facility in Corsicana within 2024. This expansion is expected to enhance the efficiency and profitability of the company's mining operations.
Therefore, let's delve into the technical analysis of Riot Platforms Inc.'s stocks.
On the D1 timeframe, a support level was established at 10.60 USD, with resistance at 12.20 USD. There is a noticeable deceleration of the downward trend and the formation of a relatively narrow channel between the resistance and support levels, with a confident rebound from the mid-January 2024 support levels.
In the H1 timeframe, long positions may be interesting upon breaking through the 12.20 USD level, with a 13.71 USD short-term target. From a medium-term perspective, holding a long position of up to 15.02 USD could be considered.
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RIOT trade idea.If BTC uptrend in tact. RIOT has bullish post-june fundamentals. If Rate cut thesis in tact etc.
RIOT: In the middle; bull and bear caseIt's been rough for the miners. As BTC is making all time high, miner stocks are not getting any love. This divergence is ultimately result in market picking a direction after the consolidation is over. Right now, RIOT is range bound, sitting at the middle of a channel. I have both bullish and bearish EW count. Whichever is correct, doesn't really matter, as longer timeframe still looks very bullish.
Bullish case:
The blue count assumes minute degree wave 3 should start very soon. As long as price stays above $9.64, the bull case is still alive. Price looks to have found some support at the midline of the channel and if next week we see a nice big candle to the upside, it might get some momentum to start the wave 3 of 3 of 3. Risk is lower above $18.5.
Bearish case:
The black count assumes intermediate wave 2 correction is about to complete. Minute degree wave 3,4 and 5 will get going very soon and price should get back towards the bottom of the channel to complete this almost 8 months long consolidation. This may also align with a short correction for BTC and overall markets for the next couple of weeks. After that we should see a clear reversal and upward movement.
RIOT - Recovering Vectors and Gaps - BullishNASDAQ:RIOT
-Consolidation is expected as lower highs and higher lowers are printed
-RIOT is filling gaps and vector candles at ~11.5 and ~12.2 respectively
(So buy zone should be around those)
-Pivot point was registered at 11.94
-As long as it doesn't break the low ADR ~11.3 we should be good
-If it breaks low ADR, the new pivot could be ~9.7
-Target 1 should be ~14.6 as it recovers vector
-Target 2 should be ~16.3 as it recovers vector in daily timeframe
*Not Financial Advice*
RIOT REVERSAL SIGNSThe daily price movements remain below the 200-day moving average (200MA). However, there's a potential for a test of the lower trendline marked in yellow. Historically, after such a test, we anticipate a reversal. Considering the ongoing market trends with #BTC, a reversal appears imminent.
Mara/riot/IBit/Btcusd Mara and riot both have double tops. IBit has several FVG that are quite large along with Mara and riot — i think these sellers and buyers will get a chance to get back in, and it will push back up.
RiskMastery's Breakout Stocks - RIOT EditionWelcome to RiskMastery's Breakout Stocks - Stocks with breakout potential.
In this edition, we'll be looking at NASDAQ:RIOT ...
I believe this code is at a point of potential volatility.
If price can hold above $14.44 ... Bullish potential may be unlocked.
My key upside targets include:
- $18.29 (Conservative)
- $24.61 (Medium)
- $29.05 (Aggressive)
If however price falls below $11.54 ... Bearish risk potential may be unlocked.
(My key risk targets - C, M,& A - are as noted on the chart)
Enjoy, and I look forward to being of further service into the future.
If you'd like to connect, feel free to reach out and comment below.
Mr RM | Risk Mastery
Disclaimer:
This post is intended for educational purposes only - Publicly available RiskMastery information & content is not intended to be financial advice in any shape or form. Please do your own research and seek advice from a licensed professional before acting on any of the information contained within this post. This post is not a solicitation or recommendation to buy, sell or hold any positions in any financial instrument. All demonstrated trades are merely incidental to the educational training RiskMastery aims to provide. You are solely responsible for your own investment and trading decisions, of which should be made only according to your own opinion, knowledge and experience. You should not rely on any of the information contained on this site or contained in any RiskMastery material on any website or platform. You assume the sole risk of any trade or investment you elect to make. RiskMastery and affiliates shall not be liable to you for any monetary losses or any other damages incurred directly or indirectly, from your use, reliance or reference of RiskMastery materials, content and educational information. Thank you for your understanding and cooperation - We look forward to working with you into the future to navigate the fine line of trading and investment success.
RIOT to $30Consolidation complete with rising BTC, this should bounce of right shoulder as support for invers H/S and run to $30
Small Upside Head and Shoulders on the back of Huge Cup & HandleI've been following Riot for a couple of years. A cup and handle pattern has formed on the daily. It appears to me an upside-down head and shoulders have formed on the back of the handle. Maybe this is a squeeze before finally breaking resistance. Considering the halving event is coming in April, this could be a potential opportunity, or another swoop of profit taking which sends the stock through another grueling clawback. I'm watching resistance and the neckline for any indication. Bitcoin hit 62K. Can Riot follow or is this going to be a lagger in mining?
RIOT Lights the Path: Get In on the Buy Action Today!"## RIOT Stock: Short Fundamentals, Recent News, and Disclaimer
**Fundamentals:**
* **Riot Platforms Inc. (RIOT):** A Bitcoin mining company that utilizes immersion cooling technology.
* **Listed:** NASDAQ.
* **Market Cap:** ~$3.6 billion (as of Feb 27, 2024).
* **Business Model:** Generates revenue by mining Bitcoin and selling it on the open market.
* **Key Metrics:**
* Hashrate (computing power): ~4.9 exahashes per second (EH/s).
* Bitcoin holdings: ~13,352 BTC (as of Dec 31, 2023).
**Recent News:**
* **Feb 22, 2024:** Riot Platforms reports full-year 2023 financial results, highlighting increased Bitcoin production and hashrate growth.
* **Feb 5, 2024:** Company announces January 2024 production and operational updates, including exceeding monthly Bitcoin production targets.
* **Jan 4, 2024:** Riot Platforms enters into a strategic partnership with Compass Mining for immersion cooling technology deployment.
**Disclaimer:**
* This information is for educational purposes only and should not be considered financial advice.
* The cryptocurrency and stock markets are highly volatile and carry significant risks.
* Do your own research before making any investment decisions.
**Additional Notes:**
* RIOT stock price is heavily influenced by the price of Bitcoin and broader market trends.
* The recent news highlights the company's growth in mining capacity and production.
* It's important to understand the risks involved in investing in volatile assets like RIOT stock.
I hope this information is helpful! Please let me know if you have any other questions.
Riot Blockchain Achieves Record Revenue of $281 Million in 2023Riot Blockchain ( NASDAQ:RIOT ), a leading Bitcoin mining and data center hosting firm, has reported record-breaking total revenue of $280.7 million for the year 2023. This impressive milestone underscores Riot's resilience and strategic growth initiatives amidst a dynamic cryptocurrency landscape. With a surge in Bitcoin production and a commitment to expanding hash rate capacity, Riot continues to solidify its position as a key player in the Bitcoin mining industry.
Record Revenue and Bitcoin Production:
Riot's total revenue surged by 8% from $259.2 million in 2022 to $280.7 million in 2023, driven primarily by Bitcoin mining revenue, which accounted for $189 million. Despite challenges such as increased expenses and higher power costs, Riot managed to increase its Bitcoin production by 19%, producing a remarkable 6,626 BTC in 2023. This achievement is particularly notable considering Riot's strategic efforts to curtail power usage during peak energy demand periods.
Strategic Expansion Plans and Hash Rate Growth:
In line with its growth trajectory, Riot ( NASDAQ:RIOT ) increased its hash rate capacity by an impressive 28% in 2023, reaching a record 12.4 EH/s by December 31st. Looking ahead, the company aims to bring additional capacity online at its new Corsicana facility in Texas throughout 2024. CEO Jason Les emphasizes Riot's ambitious targets to further expand its hash rate capacity, with aims to reach 28 EH/s by the end of 2024 and ultimately surpass 100 EH/s in the future.
Financial Strength and Balance Sheet Enhancement:
Despite incurring a net loss of $49.5 million in 2023, primarily due to higher expenses, Riot maintains a robust balance sheet with approximately $597 million in cash and 7,362 Bitcoin, valued at approximately $311 million based on year-end Bitcoin prices. The company's prudent financial management and strategic investments position it for sustained growth and resilience in the cryptocurrency market.
RIOT RUNS ON BITCOIN LONGRIOT is shown on a 15 minute chart over the past 7 trading sessions showing 3 trends up
then with intermittent consolidation then a trend dow. The trend down is the most
important. Given the strength shown on the indicator demonstrating bullish divvergence
I believe that RIOT is now set up for a pullback entry long either shares or options at this time.
Let me know if you need trade specifics for either. See my other ideas for BTCUSD, MSTR,
HUT, BITF and the rest. COIN is also worth a look as an earnings play. Buyer note- any of
these could go into short squeeze if a decent upside price action sets things in momentum.
RIOT Buy the Bitcoin Pullback? LONGIOT on the 30 minute chart has pulled back 35% from its end-of-the-year high when Bitcoin made
a bullish move. Bitcoin has settled down and RIOT has followed that trend down. the MACD
lines are above zero while the RSI lines have settled in deep oversold territory. I see this as
a good entry for a long position with at least 50% upside and much money if taking
call options. As to the latter, I would look for a Juen expiration at a strike just below the
POC line of the volume profile which is confluent with the mean long-term VWAP. My goal is
a 500% return. The OTM call options are cheap enough to take several and then take
partial profits each time Bitcoin reaches a pivot high over the interval and maybe pick up
another when a it finds a pivot low.
RIOT: Bull and Bear ideasRIOT has made a V recovery once again, making the bear case almost obsolete. The primary and secondary trendline resistance has been successfully broken and right on the third trendline resistance at the moment. Let's look at bull and bear case and see when to enter the rocket to the moon.
Bull case:
If this is the beginnings of intermediate wave 3, then the current price action is at the start of Minute degree wave 1. We should see a higher high above December high and then a correction. The correction or Minute degree wave 2 cannot break below $8.61. After that we should see the strongest part of the rally which will be a wave 3 of 3 of 3. Ideally, after a higher low is confirmed, entry point would be above the previous higher high. We are looking at triple digit numbers, so it is OK to wait until we see a solid support above $19.
Bear case:
Bear case would still suggest intermediate wave 2 is still in effect. The correction just got a whole lot more complex. The current price action could be part of a B wave triangle where a C wave is still in the books, or it could be part of a larger Y wave that will take things down back to previous lows. At this point these two scenarios cannot be written off. Need to let some more time pass before the bear case can be completely thrown out.
We should see a correction of the current runup in the next week or two. How that plays out will confirm which way is right. Ideally, a higher low and higher high on weekly will provide confidence on bull side.
RIOT: Potential Breakout or Bull Trap? 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.
RIOTAnother 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.
$RIOT - week of 2/12/24Short-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 continuation with volume, weekly bounced with strength off the TL
Strength in RSI
Daily and Weekly above all EMAs. Weekly just broke through 200ema with strength last week
9d & 20d EMA's crossed up above 200, working to continue upwards
BTC over 48k during this write up
#RIOT Blockchain 3 levels of resistance to overcomeWhich 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 potential,
if we get strong rally to the $20 area ...
we could form a very large inverse head and shoulders!
Looks promising.
RIOT Inverse Head and Shoulders EngageWell it took long than I expected for RIOT to really run, but it is finally happening! NASDAQ:RIOT
