small retracement then we head towards 10small retracement to about 6.77- current price then we rally towards 8.50, after a small retracement from there we should see $10 as our next major level within a week or so
RIOT trade ideas
RIOTLooks like a nice buying op soon off the 618% retracement level after 5 up have been completed. If my count is correct the 618% should hold as support for the HTF B wave and lead us right into wave C. Not sure if wave C goes all the way to $13.50 or ends up being truncated. But upside looks pretty juicy for a short term trade.
RIOT Levelnot using SMC for this for anything more than a reference. red is suspected trend start for the current uptrend on the retest. so on the first test should get a decent reaction. i suppose this should continue to push upwards after retracing this entire trend to find a new high, or clear out the current swing high at the very least. suspect this moves with crypto whenver that starts to move agian, woudld be decent exposure
Graphical and Fundamental Analysis of Riot Blockchain (RIOT)1. Graphic Analysis
The price has broken a diagonal support at the white line.
If going to bet on a rise, I would expect a bear trap at $4.
If the downtrend continues, the next targets will be hit on the Fibonacci projection.
$1.30 would be the longer target.
The indicator at the bottom demonstrates the correlation with the price of Bitcoin, which is positive.
The macro scenario remains bad, largely due to the FTX crash.
The quarterly results presented by blockchain and mining companies are being released, and by the way, they are not good.
The question is: if the next results are not positive or if more companies fail, to what extent this would affect Bitcoin and other cryptocurrencies.
2. Fundamental Analysis
RIOT BREAKOUT FROM DOWNTRENDI am taking a position in RIOT, it clearly broke out from the downtrend channel and is positioned for growth.
Looks like heathy bull flag with C&H forming.
BTC looks like it will finally push higher, at least in short term.
Market is general is bouncing as well.
My first target is 8.47
Good luck!
Bullish patterns in a bear marketWe are almost in the same situation as in my last shared idea (ETSY).
A bullish pattern in a bearish environment.
To be exact: two bullish patterns.
A "Falling wedge" and an inverse "Head and Shoulders".
You may be wondering why is the "Head and Shoulders" still relevant.
Well, the price failed to break the neckline, so the pattern is still in play.
We also have a rising RSI and a regular divergence on the MACD, which are bullish signs.
My only problem is that, once again: we are in a bear market.
In addition, the RIOT is exposed to the crypto sector and the standard stock market movements.
If the resistance line does not reject the price, a breakout is possible.
Support: 7.06, 5.66
Resistance: 7.46, 8.08, 9.58
