RIOT: Not really keeping up with Bitcoin.While BTC is pushing into January highs, RIOT and other miners are still far off from their respective January tops. RIOT had a fine move off the April lows but May started to get choppy. It is not a good sign if Miners are hitting a wall while BTC is ripping. So, at this point the best bullish case for RIOT is a leading diagonal structure. Right now, BTC, NDX etc. are looking to coming up on a local top. RIOT should also see a little bit higher price and then get ready for a correction. This is when the true test of bull market will take place. Both BTC and RIOT should form some kind of an inverted head and shoulders pattern. In that case the correction should last for a couple of weeks to a month or so and create a higher low. We do not want to see RIOT dipping below $6.96. I am out in the sidelines at the moment. I will start to buy in again at around $7.9- $7.5 support area. Hopefully the gap close and then ready to rip. If price is in fact on wave 3, then the move up should be in clean 5 waves up, 3 down formation and with very strong impulse. Initial targets will be a test of the top side of the channel. Below $6.96, things will start to fall apart for bullish story.
