RIOT: Second ChanceThe miners have had an absolute face ripper rally over the last few months pending an ETF approval, which was finally received. Perhaps not as well as some may have thought.
Due to popular request I have created some zones for where I believe RIOT will likely pullback to after a nice impulse move.
Now RIOT is a bit different from MARA in the case that the .618 retracement has already been reached at $9, which was over a 50% move from the top.
Instead, I have marked our ranges for both these moves in Orange (top and bottom) , as well as the range points of control which are marked in Blue.
For those who may not be familiar, a "Range Point of Control" is where the majority of the liquidity sits. Hence it will likely be the strongest support, or resistance.
This is why RIOT is currently being pulled back into the liquidity zone of the range point of control just below $11, although I don't particularly believe that area will offer us much support. If it does, there likely wont be much upside hence the risk reward wont make much sense.
I do believe we may potentially break below this level as the Value Area Low of the range sits at $8.50.
If we break below there, then we will look towards the previous Value Area High and Point of Control which sit between $6.50 and $7.50.
I would consider accumulating RIOT from $7 - $9. The lowest I would really expect is $6.50, and if it reaches this zone, please do not panic as I think it is a quick buying opportunity that wont last too long.
Good Luck!
