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1RIOT trade ideas

Buy BTCUSD For FreeHey Guys! Sorry it's been a little while since I've posted, but I'm back today with an interesting idea that I think many of you may be interested in. Over the last couple of days, a small Chinese bitcoin mining company called Bit Digital has exploded in value as the market has begun to realize the potential of the company's bitcoin mining operations. In the last few hours, however, J Capital, a short seller, published a report alleging that the company is basically a total scam, has no meaningful operations, and is worth nothing. In addition, they claim that the company's board cannot reach it's ceo for comment, because his whereabouts are not currently known. Publicly wanted for questioning, some have speculated that the Chinese authorities have detained him. This short report, combined with the fall in price of bitcoin over the weekend, sent the stock tumbling down -25% today. Now, while the stock is down a ton, it might be the exact opportunity we need to create a beautiful trade. Ok, so here's the plan: Long Riot, and Short BTBT. Theoretically, BTBT is worth nothing, but the company will still likely retain some of its trading correlation with BTCUSD. Hence, you can't really just short it outright without controlling your risk. At the same time, you might want to be a dip buyer in BTC, but it's tough to know exactly when the bottom will be and you, like me, likely don't want to risk an investment going to zero. Hence, our trade. When BTC goes up, RIOT should go up more than BTBT, because BTBT has the fraud and short seller claims as a massive headwind / overhang, though some will still use it as a BTC proxy. When BTC goes down, BTBT should lose more value than RIOT, because the company is alleged to have no meaningful operations, and the only thing holding the stock price up is the hope for higher BTC prices, again, in its use as a BTC proxy. This spread should essentially create a synthetic long bet on BTCUSD, while removing a ton of the risk involved in buying it at these prices. LMK if you decide to try the trade, and feel free to ask questions in the comments below if you don't understand the idea. Cheers!
NASDAQ:RIOTLong
by PropNotes
13
Riot ( A bigger picture)White lines are daily channel Yellow line is split channel Green line was channel top which it hit today Red lines are targets in case of a pull 1st Target redline is the gap at 52.73, gaps act as support 2nd target is 43 ish which would be around split channel support. I don't expect a trip back to channel bottom unless bitcoin falls back under 40k. RSI overbought MFI overbought Technically it should pullback but if bitcoin keeps going this could just ride the top of the channel and not pull back
NASDAQ:RIOT
by ContraryTrader
How much further up? I pulled in some size, I have no idea where the top is on this. I reduced some size locking in some gains and buying much further out options for the long term. I'm actually considering to sell naked puts at the $35-40 level hoping to get assigned. Would'nt mind at all buying some discount shares at that level. Long term there is some growth here, could a pull back come? One thing that could prevent it is constant news of companies jumping onboard with Bitcoin. If we get major players announcing on a daily basis there is no stopping any of this from going up. Take some profits off the table here and save some bullets for later. If it pulls back for even 1 or 2 days the break would make the move stronger and build some support underneath the current level. I like this stock
NASDAQ:RIOTLong
by Rikity
2
Short MARA. Way overcookedWhen you compare MARA and FTFT to bitcoin, FTFT has stayed in-line with bitcoin while MARA has had a meteoric rise. I believe it has gotten out way past its skis. For MARA, a company tied heavily to Bitcoin has outperformed it by an astronomical amount. This is not sustainable. Expect a pullback to at least the $28 range, which was previous resistance. The 50-day moving average is uncomfortably ahead of the 200-day moving average indicating the trade could be overheating.
NASDAQ:RIOTShort
by EBITDAtiger
2
First Green Day$riot had a nice set-up pre-market with another strong rising wedge pattern that has been a notable chart pattern for the largest movers this week. Key elements: 52-week breakout gapping to new all-time highs, pre-market breakout gap-up at open, first green-day, and my favorite pattern that I call Post-Pennant Expansion. The chart seems to 'expand' after breaking through a wedge/pennant apex. The price action is bound within the diverging support and resistance lines of the wedge/pennant post apex. Acceleration can be high during these moments and is perfect for weekly gamma plays. 45c 2/12 entered at 169 exited too early at 183 for 8% gain. Trading wasn't as organized as I hoped for, but the contract had a morning high of 280 so I left 57% on the table. 8% is still a win.
NASDAQ:RIOT
by blondbox