RIOT trade ideas
RIOT - Crypto Stocks 🚀🌘RIOT is a stock I unfortunately didn't post in time before breaking out but FWIW (not much) I have bought in the shakeout reversal zone.
Actually I didnt "buy" but I shorted 2023 LEAP puts to take advantage of high IV and potentially buy blow the low if put to me.
But for those that dont use Options it is bullish, it is effectively a buy.
Weekly RSI went oversold which historically has always triggered a bounce
RIOT/BTCUSD appears to be forming a new trend with high lows and highs and also RIOT has moved up fast compared to BTC here so I think there is a chance RIOT will make a new high, but I'll judge as it continues.
I'll be buying more or any pullbacks.
Apologies for not posting sooner, but well I'm doing this for free currently and its been hot and sunny ☀️.
Not advice.
$BTC $RIOT Update - Bullish Pennant - Onwards and Upwards?#Bitcoin #RIOT #RIOTBlockchain
RIOT Blockchain as an equity relies heavily on BTC price movements.
BTC looks like it's edging to move up any day now.
RIOT, technically, looks like it could either break to the upside, or trade sideways pretty soon.
Given my bullish stance on BTC, I have a bullish bias towards RIOT, even though, competing companies have found their prices getting hammered due to poor earnings and FUD.
RIOT however produced positive earnings, so fundamentals are much stronger here, plus it's not a penny stock, it's traded on the NASDAQ and accessible to RobinHood traders.
Bullish hidden divergence on weekly time frame / $RIOT, #RIOTAs long as bitcoin behaves and continues to make highs, RIOT looks like it'll break out anytime now. Bullish pendant + hidden divergence on Weekly = bullish. If BTC doesn't have a huge correction in coming weeks I could see this jump to 37$ (70% fib level), which would be a major resistance.
$RIOT ~ Correction still in progress...As expected, the bitcoin miners are correcting along with bitcoin itself. Although we are getting close to the 61.8 for a normal wave 2, I would recommend being careful as crypto tends to correct a little deeper and should be no surprise to see the 78.6. Remain patient and it will pay off later down the road.
Riot Blockchain: Weekly RSI illustrating attractive Risk-Reward?Riot Blockchain has been punished harshly over the last few months.
Its common knowledge that Riot is closely correlated to both Tech Equities and Bitcoin. It is also effected by Crypto mining sentiment and macro factors.
With this in mind I believe that this stock is greatly undervalued. I believed it was undervalued at $11-12 but macro-economic factors have distorted this: Central Bank Raising rates; Ukraine-Russian War related Supply Chain Problems; Inflation caused by Supply chain disruptions: War profiteering from Oil companies keeping supply lower than needed.
Between the ranges of $3.60-$4.80 is the ideal accumulation zone. Many holders have a cost base higher, including myself.
Due to rapid growth in the companies mining capacity, which is accelerating into the start of 2023. The company is significantly undervalued from a fundamentals stand point.
The Daily RSI attractiveness is in a similar setup, to the multiple sub 30 RSI tests in 2018. A time period that was also a Bear Market.
1) Be greedy when others are fearful.
2) If you believe in a Companies business and promising future outlook. Don't let a bear market discount be the reason NOT the DCA. Even as the stock has been trashed recently, the fundamentals have not changed.
3) The fundamentals are the strongest in the mining business. With huge mining capacity coming online over 2022 & 2023.
>>> Eyes on the Medium to Long Term<<<
Just one swing traders opinion, not financial advice.
Riot Blockchain solidified support for a move to the Upside.Riot Blockchain has been overlooked over the last few months. As Clearly seen on the chart, the correlation to Bitcoin's movements is closely correlated.
> I Believe that an ascending support line has been tested multiple times but both Riot Blockchain and Bitcoin.
> With the momentum driven by earnings season in the stock market providing significant upside potential for all equities, especially in the Tech Space.
> Combined with Bitcoin's Recent strong upwards momentum from yet another confirmation of strong support.
> We are likely to see a rapid rise in the price of Riot over the next few weeks. I think this is an ideal range to DCA at the lowest risk level we have seen Riot Blockchain range in for a significant time.
1) Be greedy when others are fearful.
2) If you believe in a Companies business and promising future outlook. Don't let a discount be the reason NOT the DCA in lower to a stock you believe will be significantly higher in the long term.
3) The fundamentals are one, if not the strongest in the mining business. With huge mining capacity coming online over the next few months.
>>> Eyes on the Medium to Long Term Chap <<<
Just one Long term focused Investor/Traders Opinion, not financial advice.
RIOTLONG-TERM: While Bitcoin is testing a breakout on the daily at its critical multi-year support zone, RIOT has broken out of a downsloping channel and formed a smaller wedge at a major support historically, with classic bullish divergence on the RSI. Using a tight stop on this one so it could fail easily on one red day, but if it does work, it's a great reward to risk ratio. (not financial advice)
RIOT bullish reversal setupWe may have some summer relief rally in the markets
RIOT is out of the downtrend channel.
Looks like 6 is a solid bottom and we should see gains from here (assuming BTC doesn't fail completely)
Based on Elliot waves; My short term target is 8.36, long term target is 12.
Riot may need to test that 6 again and if it does brake below, it may land it at 3.50.
RIOT - ShortRiot Blockchain, Inc. is a Bitcoin mining company, supporting the Bitcoin blockchain through rapidly expanding large-scale mining in the United States. We are focused on expanding our operations by increasing our Bitcoin mining hash rate and infrastructure capacity. Riot believes the future of Bitcoin mining will benefit from American operations and endeavors to be the driver of that future.
Given the current circumstance of Crypto uncertainty, RIOT may continue lower.
Good time to buyNasdaq will likely bottom this week. Unfortunately, this correlates strongly so we will see a bottom in the $7 range. Very irrational market at the moment and a great time to buy some at these lows. My TA shows there will be double bottom by the end of July and markets will be much higher by q4 of 2022.
Remember hold, don't trade, by end of 2024 we can be 3-12x this price. Riot is expanding and could have up to 50-100 exhash by the completion and running of their next building.
Disclaimer: I have over 2000 shares, avg at $12.