RIOT: Choppy action upwards. Brace for impact!The bounce upward this week is looking choppy and corrective, keeping the bearish count alive. If this path continues next week, we should see heavy resistance between $12 and $13. The leg down afterwards should be the last leg on this downside, and we should see the entire crypto market come alive with intense impulsive drive when that is done. Right now, if we see a break above $ 13.75 and a sustained price action above $10, then things might start to look more bullish. Until that happens, shorting the resistance area would be the next play.
RIOTD trade ideas
RIOT: Bounce incomingRIOT is going through a major rout right now. It has fallen much harder compared to BTC. At this point we should see at least a relief rally for both. Current price action looks like a larger wave C is playing out. However, we cannot completely discount the bullish case. The way to identify would be the pace and strength of the next move. If we see a choppy wave 4 type of price action, then the expected wave 5 to around $7.5 area should play out in the next few weeks. If we see a very sharp reversal the takes price above $13.75, then something else is going on and will need to switch to the bullish count. In either case, a buy signal should present itself in the coming weeks.
Riot wait buy and waitRiot a share in every crypto portfolio. I am assuming an entry period of the next 4 weeks. Compared to many short fans who see Bitcoin in further depth, I am firmly convinced that we have been in the bull market since September, exceeding USD 25,000, and that the market will not allow a major price decline. I'm betting on Riot in this crypto bull market. I am pursuing the entry target of a bullish Gartley, and the first targets have been chosen accordingly. Wait, get in, wait and get out.
Good luck and success
RIOT Breakout! 33% Gain potential RIOT is basically a crypto mining company.
Bitcoin right now is breaking to highest levels since 2022.
RIOT's balance sheet is positive with more assets than debt.
RIOT recently spent 290 million USD on purchasing new and advanced bitcoin mining rigs as well as a contract to buy a lot more of those in the future with MICROBT.
Technicals show breakout after breakout, with a fresh breakout recently above 13.80.
Stop loss is placed below second horizontal support around 12.50.
Take profits are allocated around key resistance levels on the way up.
Indicators show bullish momentum with plenty more fuel to go.
This is a potential swing trade.
Best of luck and feel free to ask questions!
Riot back to trendThis whip saw market is certainly flushing out leverage. I remain in my spot shares and am contemplating June 20$ calls. Riot like Coin is back to trend although this riot trend line began a full year ago. Both of my short term bearish price targets of 17$ and 15$ were hit. This ETF tease is really going to spook retail. Will we get another flash crash?
Riot to 20$ishI am expecting one of my larger bags (riot) to hit about 20$ before the next correction. Riot and Mara have been on absolute tears lately. My theory that Bitcoin related stocks precede Bitcoin price action has been proven true the past few weeks. A correction to the dashed red would be optimal, although Riot likes to overreact in each direction. A more bearish target is 15.15$ish. In summary I am short-term bullish, medium-term bearish, long-term bullish.
RIOT REVERSAL?Crypto is gaining sentiment while market front runs rate cuts pricing in 4-5 cuts. Now earnings of companies in NASDAQ who is entangled with crypto holdings and institutions recover from the FTX debacle. MicroStrategy's SAYLOR, sees BTC higher with April halving on top 2-10X increase in demand (he implies from ETF crypto filings, pending SEC decisions, he said (TICKER: MSTR). Riot is similar. Once SEC announces approval (otherwise they would not be entertaining SEC registration, if not), SELL THE NEWS!!!
Opening: RIOT January 19th 8/15/15/22 Iron Fly... for a 3.60 credit.
Comments: High IV/IVR (115.3%/36.3%). Looking for this to "behave" between the 11.40 and 18.60 break evens for a few weeks ... .
Metrics:
Max Profit: 3.60 ($360)/contract
Profit at 25% Max: .90 ($90)
Buying Power Effect: 3.40 ($340)/contract
ROC as a Function of Buying Power Effect at 25% Max: 26.5%
Break Evens: 11.40/18.60
Delta/Theta: 4.17/2.05
Riot defensive putsToday I snagged a few 10$ puts in Jan to defend my large bag of spot riot. I expect the stock to fall to around the circle area if BTC is to correct to 37/8k over the coming few weeks. This consolidation is needed as the market was pretty over heated. The emas are starting to coil downward, RSI momentum is broken, the Bollinger bands were way overheated. A nice reset on RSI and price action would be appreciated for the greater longer term momentum. My first target is 12.9$. then 11.7$.
Elliot Wave Count & Targets RIOTRIOt has great rally off the lows.
Favoring 1 last leg higher, however targets were reached.
We will see how the pullback plays out, if remains above the previous low of $5.16 where we labelled it as wave (ii), we can go long with a stop loss just below that low.
Theress 3 nice gaps clearly visible below HKEX:9 , HKEX:8 & HKEX:7 ; so those are areas we can focus on for pullback target zone as we await for it to complete.
We're being VERY cautious at these highs as the rally is already over-extended (yes, still room for higher), but were also anticipating bears and sellers to take over to minimally retest the lows, if not resume lower, depending on how global/financial markets react over the next few days/weeks.
If you've entered a short from the highs, congratz to you, focus on taking profits in the HKEX:9 - HKEX:7 area and place a stop loss near the local high