1RIOT trade ideas
My view on Bitcoin miners remains bearishNew lows are on the way, this is not the first time it has had a large bear market rally...
Im looking for a shark to complete and will take a long around the support.
Not shorting unless we get a bounce, even though i would be bailed out eventually, I hate being in a weak position.
$RIOT - can it hold on to that support?NASDAQ:RIOT is sitting on a support. It's trading below the 200-day moving average now. If current support fails, it can drop to $7.77.
Breaking below highlighted basing area was a bit worrisome.
Looks like there is a small bullish divergence in MACD and RSI. The bullish divergence in MACD and RSI is a positive sign. This suggests that there is some buying pressure at the current level. However, it is too early to say whether this divergence will lead to a trend reversal.
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RIOT: coiling for something....RIOT is hanging around .618 retrace area on volume support, hugging POC of the range between $3 and $22. This should be a strong support. A breakdown right now might be an early warning of a big problem. If price grinds lower, I should expect support between $9 and $7.5. But will watch for a strong bounce before going in again. Right now there are bullish divergences in RSI up to Daily time frame, so should expect some kind of a bounce very soon.This moves with BTC, so, a pump in BTC price would certainly inflate RIOT. Still long in RIOT but getting very close to getting stopped out...
$RIOT - Found support NASDAQ:RIOT found support and is trading inside its previous consolidation area.
Oscillators are turning up.
A breakout above $12 is bullish and could see further upside.
A breakdown below $9.50 could see further downside to the $7.77 area.
Needless to say, the stock will follow the price of #Bitcoin.
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RIOT/MARAHi, I concatenate Riot and Mara charts, and find the price is near the bottom of the Fibonacci channel most likely heading upwards. Riot is the better chart. Riot and mara charts are not the same. Riot is in clear fib channel, and mara is Adam and Eve formation. There are many other differences and advantages to riot as well. Riot priced in BTC has clear structure, and none of the other miners do. Not cipher. None of them. Riot has clear targets in sats.
RIOT Stock Chart Fibonacci Analysis 082723 Trading Idea
1) Find a FIBO slingshot
2) Check FIBO 61.80% level
3) Entry Point > 10.1/61.80%
Chart time frame : B
A) 15 min(1W-3M)
B) 1 hr(3M-6M)
C) 4 hr(6M-1year)
D) 1 day(1-3years)
Stock progress : C
A) Keep rising over 61.80% resistance
B) 61.80% resistance
C) Hit the bottom
D) Hit the top
Stocks rise as they rise from support and fall from resistance. Our goal is to find a low support point and enter. It can be referred to as buying at the pullback point. The pullback point can be found with a Fibonacci extension of 61.80%. This is a step to find entry level. 1) Find a triangle (Fibonacci Speed Fan Line) that connects the high (resistance) and low (support) points of the stock in progress, where it is continuously expressed as a Slingshot, 2) and create a Fibonacci extension level for the first rising wave from the start point of slingshot pattern.
When the current price goes over 61.80% level , that can be a good entry point, especially if the SMA 100 and 200 curves are gathered together at 61.80%, it is a very good entry point.
As a great help, tradingview provide these Fibonacci speed fan lines and extension levels with ease. So if you use the Fibonacci fan line, the extension level, and the SMA 100/200 curve well, you can find an entry point for the stock market. At least you have to enter at this low point to avoid trading failure, and if you are skilled at entering this low point, with fibonacci6180 technique, your reading skill to chart will be greatly improved.
If you want to do day trading, please set the time frame to 5 minutes or 15 minutes, and you will see many of the low point of rising stocks.
If want to prefer long term range trading, you can set the time frame to 1 hr or 1 day.
RIOT Long term price prediction.Monthly charts and the RSI needs to have a turn around to have any momentum up in the near future. I expect a strong September depending on global economic conditions. Trading in correlation and tagging along with BTC, I have illustrated the 3 cycles and drew a trendline for my prediction for the new ATH at cycles end. Long term options for 1/17/25 $86. Enjoy the ride.