Clearly following the bitcoin/crypto hype, Riot Blockchain has been diving from a high of around $46. With the real potential for a Bitcoin ETF on the horizon (decision due August 16, led by CBOE) this might have been the bottom for RIOT.
Yesterday, it broke back above the $6.00 mark with huge volume (see candle on chart) which looked like its bottom back at the end of March, and it seems like it retested it this morning. With bitcoin on the rise and blockchain adoption articles left and right (google any of the following with 'blockchain': Mastercard, Amex, Bank of america, etc.); it might be time RIOT makes a comeback. I'm looking for short term targets just under the $10.00 mark (~60%), and longer term around $15.00 (~140%).
Not investment advice, DYOR, and good luck trading.
Yesterday, it broke back above the $6.00 mark with huge volume (see candle on chart) which looked like its bottom back at the end of March, and it seems like it retested it this morning. With bitcoin on the rise and blockchain adoption articles left and right (google any of the following with 'blockchain': Mastercard, Amex, Bank of america, etc.); it might be time RIOT makes a comeback. I'm looking for short term targets just under the $10.00 mark (~60%), and longer term around $15.00 (~140%).
Not investment advice, DYOR, and good luck trading.
Trade active
Potential bullish pennant forming. Looking for this to break out in the next few days as bitcoin's price continues to climb. Keeping in mind, this is company is largely a bitcoin mining operation.
Note
Additional, food for thought:
The price of RIOT correlates fairly well with the price of bitcoin as shown here likely due to their substantial investment in bitcoin mining. If you plan to bet on bitcoin longer term, this seems to be a similar risk with a better reward. From current prices if you bought 1 bitcoin today (~$7700), you could expect a 2.6x return if it hit its ATH of $20,000 vs. 1166 shares of riot (~$7700) which if it returns its all time high of $46/share, you have the potential of an almost 7x return ($53,636).
Trade active
Hit $7.76 this morning just below the above prediction of around $8... the day is just starting, but my guess is this bitcoin rally is being fueled by the potential of an ETF in mid august and I'd guess RIOT will continue to follow suit. Keeping in mind of course that bitcoin is still in a bear market until proven otherwise. Take profits where you can. Not investment advice. Shout out to MoonPickle!Note
A third leg up to $10 maybe?
Note
Bitcoin dip... no $10 today.Note
It looks like the $6.60ish level will be the equivalent level for RIOT to Bitcoin's $7,800 resistance level. If bitcoin breaks down, RIOT will almost certainly follow.
Trade closed manually
Bitcoin is not looking too strong here... as this project relies heavily on BTC I am going to close this trade before it turns into a loss. Will look to buy back in at lower levels should the market see a new awakening.
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.
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.