$RIOT, more downside before upside?
Updated
I know everyone is bullish BTC and miners here, but the charts still don't look great even after the bounce.
I think what's most likely from here is that we sweep the lows before getting a sustained trend higher.
We're rejecting off resistance here at $12. I think this is likely to lead to a strong move to the downside. We have a ton of gaps to fill from the move up, and supports haven't been retested from the initial leg up in February.
Most likely scenario is to find support in that $6.69- $7 region and then I think we'll likely see a positive reaction after earnings next week.
Lots of risk over the coming days IMO. Bid lower supports and then we'll see how high we can go to the upside after.
I think what's most likely from here is that we sweep the lows before getting a sustained trend higher.
We're rejecting off resistance here at $12. I think this is likely to lead to a strong move to the downside. We have a ton of gaps to fill from the move up, and supports haven't been retested from the initial leg up in February.
Most likely scenario is to find support in that $6.69- $7 region and then I think we'll likely see a positive reaction after earnings next week.
Lots of risk over the coming days IMO. Bid lower supports and then we'll see how high we can go to the upside after.
Note
Welp... more downside to come.
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