Riot Blockchain Bounces at the 200-day SMACryptocurrencies like Bitcoin and Ethereum are climbing. Meanwhile, related equities like Riot Blockchain have barely moved.
The main feature on this chart is the rising 200-day simple moving average (SMA) – perhaps the most popular long-term trend indicator. RIOT touched that line yesterday and is bouncing today.
Next, notice how the 50-day SMA has come down to approach the 200-day SMA, but never crossed below it.
Third, consider how RIOT’s 8- exponential moving average (EMA) has remained above its 21-day EMA.
Finally, notice how stochastics recently hit an oversold level.
Overall, RIOT is a volatile and fast-moving stock. However, fluctuations have calmed in the last three months and prices are now tightening into a range at a key long-term support line. (The shares have also barely moved in the last month, relative to Bitcoin’s surge.) It could offer equity investors a means to participate in the cryptocurrency markets.
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