The move up today looks very encouraging, but we only have a 3 waves move so far. Price broke above $7.39, which is a good sign, a higher high. Now price needs to stay above $6.67 and complete a full 5 waves sequence. Even then, the danger might not be over until price breaks above $8.24 and better yet, above $8.86. I will be ready to get my bag filled on wave 2 retrace and will have stop loss at the last low. If we don't see price making another high before the retrace, chances are RIOT will go lower one last time. At the moment, crypto market overall seems to be on a rebound. Has the mighty bull market started? We will find out soon enough!
I am following M2 money supply chart closely. There are some very intriguing analyses out there on correlation between M2 global money supply and total crypto market cap. Fundamentally, it makes a lot of sense. And if BTC rebounds, RIOT and other miners will rebound stonger. Recently, the Gold bull run has made GDX spike higher (almost 33% for gold this year compared to almost 60% for GDX). If GDX breaks to all time high, that will be an extreme move by the miners. If RIOT and other big BTC miners see similar move against BTC, it will be multiple times gains. Not trying to bet on something theoretical, but if it plays out, it will make a lot of very rich holders...
I am following M2 money supply chart closely. There are some very intriguing analyses out there on correlation between M2 global money supply and total crypto market cap. Fundamentally, it makes a lot of sense. And if BTC rebounds, RIOT and other miners will rebound stonger. Recently, the Gold bull run has made GDX spike higher (almost 33% for gold this year compared to almost 60% for GDX). If GDX breaks to all time high, that will be an extreme move by the miners. If RIOT and other big BTC miners see similar move against BTC, it will be multiple times gains. Not trying to bet on something theoretical, but if it plays out, it will make a lot of very rich holders...
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.
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.