I believe that the most recent decline from 13 to 10 dollars is an impulse and that we have completed a zig-zag correction. An aggressive entry would be at the current price with a stop at the high. If you want to wait for confirmation, then a break below the current low at 10.50 will warrant a short trade entry.
Good Luck,
abardini
Good Luck,
abardini
Note
Price remains in a range. Waiting for a break lower. Patience.Note
Entry on the break of the lower line as previously stated.Note
The next wave of decline has likely begun.Note
Riot has opted to make a modest upward move, although my perspective remains heavily inclined towards a bearish count, expecting a more substantial and volatile continuation of downward momentum.Note
Once RIOT initiates a decline, it is anticipated to exhibit an unstoppable momentum in its sell-off. For those following my analysis, I suggest considering the 9-dollar call option expiring on 6/9, as it currently presents an enticing opportunity at an attractive price point. It is crucial to emphasize that I am not providing a signal service, and this should not be interpreted as financial advice. As always, exercise caution and approach investment decisions prudently.
Note
^^^ I meant to write the "put" option not the "call" option, I apologize!Note
IF riot were to start pumping, I would likely flip long. as this would imply BTC is starting a new cycle higher. I do not believe this is the case. Although, it is something to watch for in the days ahead.Note
This chart pertains to the 4-hour time frame of BTC. Within this context, we can identify two potential wave counts, both suggesting the possibility of a parabolic move in either direction. Presently, BTC finds itself positioned near the .618 retracement level, with the potential for a further correction towards the 32k region. Such a correction would likely propel Riot's price above the $15 mark. The primary count, which has been the focal point of this analysis, maintains its prevailing bias. It is important to note that across the crypto landscape, there exists an overwhelming sense of optimism, spanning from bankers to enthusiasts of various cryptocurrencies. The pervasive desire for BTC to skyrocket and the fear of missing out (FOMO) prevalent among investors are influential factors at play. This sentiment has the potential to drive an extraordinary short-term pump or, alternatively, induce panic as FOMO transforms into the fear of losing money. Regardless, the prevailing setup suggests the emergence of a significant development on the horizon.
Note
I personally just entered some calls to offset possible put losses. This is not financial advice. Thanks yall.Note
if the bull count is true we are likely to see a pump this week.Disclaimer
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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.