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.
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.