RIOt has great rally off the lows. Favoring 1 last leg higher, however targets were reached. We will see how the pullback plays out, if remains above the previous low of $5.16 where we labelled it as wave (ii), we can go long with a stop loss just below that low. Theress 3 nice gaps clearly visible below HKEX:9, HKEX:8 & HKEX:7; so those are areas we can focus on for pullback target zone as we await for it to complete.
We're being VERY cautious at these highs as the rally is already over-extended (yes, still room for higher), but were also anticipating bears and sellers to take over to minimally retest the lows, if not resume lower, depending on how global/financial markets react over the next few days/weeks.
If you've entered a short from the highs, congratz to you, focus on taking profits in the HKEX:9-HKEX:7 area and place a stop loss near the local high
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Alternative Count
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Alternative Count (less favorable) but can be possible:
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ABOVE SHOULD READ:
RIOT has great rally off the lows. Favoring 1 last leg higher, however targets were reached. We will see how the pullback plays out, if remains above the previous low of $5.16 where we labelled it as wave (ii), we can go long with a stop loss just below that low.
There's 3 nice gaps clearly visible below $9.00 , $8.00 & $7.00 ; so those are areas we can focus on for pullback target zone as we await for it to complete.
We're being VERY cautious at these highs as the rally is already over-extended (yes, still room for higher), but were also anticipating bears and sellers to take over to minimally retest the lows, if not resume lower, depending on how global/financial markets react over the next few days/weeks.
If you've entered a short from the highs, congratz to you, focus on taking profits in the $9.00 - $7.00 area and place a stop loss near the local high
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RIOT looking great, following EW projection VERY well. Wasnt perfect but the idea remained in tact, it held and en route to completing the sequence as we suggested. At these levels, off the lows, you should have taken profits off the table with most of your position closed. Dont be greedy, focus on profits (its not a bull market until the lows have been tested successfully) Our targets were calculated: - fib extension based on wave structure and count - fib retracement based on our wave count (0.236 to 0.382) minimally, and should not exceed 0.5 for the wave 4 count - MA convergence lines is where price tends to come back to (not always but often) -Unfilled gaps ...All these target ranges lined up in the same area, helping us to favor our target and our projections
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its possible we got one more leg left to complete, but all things considered, you dont want to leave more than a risk-free 'moon-bag' here for extra toppings if you choose to stay in, while entering here and now is a high-risk play but off avoiding it and looking to short it once it completes (or breaks down). We still see further upside, but risk to reward tells us to be cautious and stay away......the only successful trades and ''victory' are the ones where you secured your profits, until then it is not a victory.
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RIOT hit its targets as we projected. Move down has started, however Im not fully convinced that the high is in, potential for another leg up. Gotta play safe!
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H&S playing out. Not to be overly bearish at the bloody lows, but I do favor some short term upside soon, as a wave 4 retracement (0.236-0.382, max 0.5 fib) before the 5th move down at rough target of $5.00 (based on H&S measured move)
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IF the retrace extends beyond 0.5 FIB or above the peak of proposed iv, or the peak of left shoulder (iii), we can favor the H&S invalidated and the move down was most probably a bear trap. For now, we will await to see what happens before projecting bullish targets
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RIOT could still have 1 more leg higher to complete (whether its corrective rally or new bull leg, yet to be determined until the low is retested) Regardless, the price action is still tradeable to bank more profits or create some low-cosr/risk-free moon bag positions
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The H&S pattern was clearly invalidated, the move down was a bear trap. SO now, the move up, its either a bull trap or another leg started. Lets see if pullback comes back in 5 or 3 waves. You'll have to establish a stop loss where the (iv) is shown above. If RIOT loses that support level again, then bounce was bulltrap and can expect a leg lower to retest support at the lows
Very interesting! I been looking at those gaps but remembered last bull run they never got filled until the bear market, hopefully we can get them while remaining bullish. Whats your take on MARA ? Its not as pretty as RIOT but they move together and is cheaper atm.
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@joshbrandon22, well my outlook is that its still a bear market, we're just getting a strong corrective bullish rally that may have ended or is close to ending. I do favor another leg higher in all things crypto at least but markets can say otherwise. If youre going long, a stop loss below the recent pullback is ideal and safe. I wont go re-enter RIOT at these highs, however GLXY is looking attractive at below $5. If youre looking for potential trades (short term mid term or intraday, check out my NIO chart, its close to ending a massive wave 3)
CryptoHolix
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@joshbrandon22, between MARA n RIOT tough to say, theres fundamentals and theres price action. SO for prict, I find MARA has more bullish momentum & swings off the lows whereas RIOT tends to hold better (not always though). Then theres the ATH issue with RIOT, its never going back to $3000+, highly unlikely IMO, the mining rewards are diminishing, and for MARA the ATH was almost smashed so in the next bull cycle can favor MARA has better chance at breaking to new ATH while RIOT will still have massive space with Bears suppressing price. SO thats my pov on the 2. In terms of portfolio, if I had to pick 1 I would split it 50/50 and add on some others crypto stocks like GLXY
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@Kamuzzi thanks for the GLXY heads up, I been looking at SDIG HUT and BITF but never heard of GLXY. You made a lot of sense and I am leaning more towards MARA now for more potential . Also going to keep an eye on NIO now, keep up the great work!
CryptoHolix
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@joshbrandon22, good stuff man. I trade crypto mostly so I try to limit crypto stocks to the select few charts Im familiar with. I did throw into bitcoin well (BTCW). this along with GLXY are somewhat Canadian but also trade in US markets, just less popular. Galaxy Holdings is headed by crypto enthusiast Michael Novogratz if ur familiar. theres a bunch but like I said, I dont want to over-expose my investment/trading into just crypto so with stocks I'll go into at various times but likely to exit a bit earlier at the highs. NIO has just started it seems so, check my DNA chart omg it played out perfectly so far and just launched. Thanks for comments and compliments