RIOT bitcoin stock long.Riot went down a lot, and now supporting on the 200 ma, making some kind of bottom with a reversal pattern.
MACD looking also for reversal.
I am long with a close stop loss just below the 200 ma.
RIOT trade ideas
STILL BEARISH SHORT $RIOTI initially had some puts on RIOT because it was rejecting off the 200-EMA on the daily chart, which is usually a bearish indicator. I sold my puts at the beginning of the week for decent profits, but I started selling calls on riot instead and its paid a lot more. I think RIOT can go as low as $20, which was my original target, a breakdown of $20 could result in RIOT dropping to $15.
We Have Not Reached the Bottom YetThough cryptocurrency as a whole and its related stocks like MARA and RIOT have been declining by almost 11-15% a day recently, the bottom has not yet been found. Farther we dive, searching towards the end of May for low levels with more support.
As you can see, there is strong resistance ahead with the red line marking each one in time.
When a stock is this bearish, it is necessary to find a real bottom, the lowest absolute price and consolidation before an uptrend, before ever investing in it again. If I was holding, I'd keep holding.
As it is, I'm not yet ready to buy this stock. I'd like to see it fall further, to pre-hype and inflated levels.
The new price target has fallen from $95 to $55. That's like a 50% cut! This could go down to $15...
Good to take into consideration for the time being.
Best of luck and loving peace to all.
RIOT BUY/LONG BIG OPPORTUNITY! 15 to 97 by end 2021! TICKER CODE: RIOT
Company Name: Riot Blockchain, Inc.
Industry: Technology | Software - Application | USA
Position Proposed: BUY
Technical Analysis
1. Flag Pattern (Forming)
2. Fibonacci Retracement at 0.786 ( Silver Zone)
3. 1st Partial Take Profit will be at Fibonacci Expansion Safe Take Profit, Flagpole Length and somewhere near Key Structure Level (Very likely for price rejection/Pullback)
4. 2nd Partial Take Profit would be somewhere near the Next Key Structure Level (The Market will very likely reach this point before having a major rejection again)
Entry: NOW READY (15.00-26.00) - The Market could fall below 26.00 again but very unlikely
1st Partial Take Profit: 97.00 (October - End 2021)
2nd Partial Take Profit: 2.95 (End 2021)
3rd Take Profi: 3.75 (Mid-End 2022)
Note that in the Monthly chart timeframe the market is creating a large inverted Head & Shoulders, as such I will still hold some of this stock on hand. Should the market break beyond 145, the next take profit will be at roughly 200-250 price range.
$RIOTOn Friday, RIOT rejected off of the 200-EMA which is usually a bearish signal. MACD also looks to be in bearish momentum as well.
If riot breaks below $20 then I think it could go as low as $15 until buyers step in. I swung puts over the weekend and will determine what I want to do with my position once the market opens tomorrow.
With cryptocurrency selling off like crazy over the weekend and BTC dropping roughly 25% over the last 4 days, this will also negatively effect the prices of $RIOT and $MARA.
Trade Idea: RIOT June 18th 17 or August 20th 15 Short PutRIOT announces earnings on Monday, so I'm not keen on stepping in front of what is likely to be a moving bus. However, I may consider something post-earnings and wanted to price things out here ahead of time to give me some idea as to where I might want to set up up my tent and what that might be paying. Unfortunately, the weeklies aren't that great for liquidity, and there's no July monthly at the moment, so would either have to trade June (33 days) or August (96 days). So, like, which one?
June implied is at a whopping 185.3% (no doubt due to earnings); August at 120.7%.
The June 18th 14 delta 17 strike is paying 1.23 at the mid, 7.8% ROC at max, 86.3% annualized; the August 20th 13 delta 15, 1.88, 14.3% at max, 54.4% annualized. I'm using the same approximate delta for both expiries to kind of compare "apples to apples."
Naturally, there are trade-off's. The shorter duration, similarly delta'd June 17 pays more on an annualized basis, but it's closer to at the money. Conversely, the August 20th 15 pays less on an annualized basis, but is farther away from current price, so gives you more room to be wrong, as well as more premium to potentially take off at 50% max -- 50% max of 1.23 is .61; 50% max of 1.88 is .94.
Additionally, the August setup has a smaller buying power effect versus the June: 13.12 versus June's 15.77 (cash secured). On margin, the difference will be smaller with a buying power effect for the 17 being around 3.40; the 15, 3.00 even.
For me, it boils down to answering the question: "Am I comfortable with acquiring it at 17 or more comfortable at acquiring it at 15?" To me, the answer is "lower," and so am mostly likely to go with the August setup. Naturally, this will all be moot if it takes off like a rocket post-earnings, in which case I won't put on a trade.
RIOT getting oversold on bull wedge, but it's still toast!So RIOT has been a hugely fun stock to trade, and with my 42k/30k BTC projection, it is easy to see why.
Today RIOT reported an underwhelming 1771 BTC has been mined by their operation, with a 'today market value' of about 100m. And they are maybe going to add some capacity if semiconductor shortages and bitmain are able to deliver more. Sporting a market cap of 2.5B today, this is quite a premium for a weak bitcoin generation operation. If you are also thinking bitcoin struggles in the short term, the future value is even lower. Plus, bitcoin adjusts difficulty every ten days, so if others are adding hardware, it is possible the expected gains from additional hardware may be cut somewhat. Of course, the opposite of all these things could also happen - and even if they did, this thing is still way, way too expensive! I would expect a market cap around the 500m range, or about 1/5 of where it trades today if my predictions are true, and if I am exactly wrong and things double instead of halve, perhaps you could get to a 1B value, implying a 60% premium today.
Technically, it looks like we might find support in this ~~30 zone - including from a bull wedge formation. This would imply a bounce toward thick green uptrend line - call it 35-37, but frankly I don't see any catalyst to push through it except a massive BTC rally. My short term (call it June-ish) is 20-25 with a longer term September target range of 10-17.
Very disturbingly, the small mini rally on BTC from under 50k to 58k over the past few weeks saw RIOT's price continue to decline - exactly not what one would expect! There is a clear descending triangle forming (blue lines), weakening RSI, MACD - none of the things you'd want to see (weekly MACD looks atrocious). This wedge might get you a chance to get out and get short, if you're not already. GL!
RIOT Blockchain retesting reclaimed heightsHi traders,
looking on weekly chart Riot Blockchain looks to me like previous highs are being retested.
I'm being cautious about further development, if the price drops below the green line.
What are your views? Please share in the comments!
Cheers!
~sharing views, no financial advice ~
Riot and Mara bounce inbound - Accumulate before earnings!Riot and Mara are trading way below fundamentals today, and this is an incredible bargain as both companies are set to post record earnings soon. Bitcoin is surging today as well over 58,500 and set to make a run for brand new all time highs. Seize on this massive opportunity today and rake it in for the next two weeks. Cheers everyone and I hope you and your families are eating well.
RIOT: Buy, buy, buy.Hello all,
According to my TA on RIOT, we should see a breakout some time soon, more than likely towards the upside. RIOT is respecting the golden ratio. Once it breaks through the descending triangle, we should see a retest against the descending triangle before lift off. My short/mid-term TP is $60.76.
RIOT Bull put spreadRIOT Bull Put spread
37 sold 36 bought, 7 DTE, 25% ROI
Earnings isn't until May 17
BTCUSD 1h is sideways trend, testing 1h supply, broken downward momentum line, with a new RBR
RIOT Strong sell off into March 25 demand zone
1st touch was into proximal edge
2nd spike down yesterday could just be momentum continuation
Pullback into 5min buying zone, unconfirmed demand
Passively selling off on 5m chart today, almost touching the origin base 5m chart VPOC
5 min chart double top highs this morning makes me think there's more weakness above aggressiveness below.
It all depends on the current level at 43 actually holding with buyers stepping back in.
Short strike is 37 tucked into next demand zone down with an aggressive imbalance from Mar 9
I think the current demand zone at 43 plays defense for me and if buyers can reverse momentum and remove supply at 50 it'll be a great trade
If not, I've got the Mar 5th zone as backup defense.
With thanks to @ThetaTrades @alleytrader for the idea
