I just wanted to point out that with all the ETF delaying nonsense... that's fine.
We have a crypto asset to speculate that's already traded on the NASDAQ.
AND one thing to consider is these "crypto" stocks are few and far between.
This fact alone will cause speculators to throw cash at them that are stuck trading in traditional markets, and their options are... BASICALLY RIOT. lol
I myself have a PCRA. If you don't know what that is, basically it's my retirement account essentially a 401k that my company is matching 5% monthly on.
Since I'm a crypto maximalist and believe in all things crypto, plus my company is matching my investments, I'm going all in on RIOT.
I have been all in, all year, and so far I'm up over 100% in my 401k, and will continue this strategy all year, every pay check dollar cost average in.
I would like to look at anyone's 401k held at the company, I highly doubt anyone has traded and can prove such returns.
It's just not possible really. Unless you HELD CRYPTO!!!!!!!!!!
So, for those interested, here is RIOT Blockchain if you haven't been informed.
Basically the only crypto related stock traded on the NASDAQ.
It gets respectable volume, and follows the market almost identically.
One of the exciting parts is when the stock market closes on Friday and crypto booms on Saturday and crushes all weekend.
You have piece of mind Saturday and Sunday knowing RIOT is going to blow up and you get to sit back and watch the cash flow in.
Currently at 2.35, was in on 2.92 hoping it will reverse around 3 which did not happen. Did some research and found the company seems to be in deep trouble financially. What do you think about the possibility and/or timeframe of it bouncing back to 6-7?
I can’t purchase bitcoin under this account.
CASHLESSSOCYS
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@longlong2019, I'm still buying mine. RIOT mined almost 400 BTC in the first quarter alone and are about to announce earnings for Q2. On top of the 400 BTC, they mined 300 something BCH and like 1400 something litecoin. You can see on the their website the exact numbers. I'm going to stick dollar cost average until there's no reason not to. Just like gold miners go up when gold does, so will RIOT. Plus they're working on RIOTX which is an exchange they filed with the SEC on. I'm standing by, no reason to panic. This is the ONLY publicly traded crypto mining company. If BTC hits 20-40k by the end of this year, their BTC holdings alone will be worth more than their entire market cap, and that won't last. People would just do a hostile takeover to grab their assets. Opinion.
longlong2019
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@CASHLESSSOCYS, thank you for the meaningful feedback. I am new into the crypto world and this is the first related item I bought. I’ll give it some time and see if there’s a reverse soon since today it had a good support around 2.
CASHLESSSOCYS
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@longlong2019, buying down here is about the best time you can get in. The fact of the matter is, the crypto market is just getting started on another bullish trend that will most likely last 3 or more years. These periods of time are when mining companies are the most profitable. At this point, it is mostly still speculation, but if you bought RIOT with only a small percentage of your worth and still have it, its a good long term buy and hold. Don't expect any price action too soon. I would expect RIOT to see bullish price movement deeper into 2020 and 2021.
johnny829
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Well then..........what happened over the past 3 days when BTC soared up to 8400 and Riot did nada?
CASHLESSSOCYS
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@johnny829, all the traditional market money clearly flowed into GBTC the Grayscale BTC Trust. Similarly to BTC pumping while most alts haven't seen comparable returns.
Alts will have their fun, and so will RIOT. BUT I could be speculating too early, as I love crypto.
Patience is always key. If BTC breaks ATH, I have no doubt RIOT will be beating its measly ATH of $42.
I don't care if I bought at $1, $2, $3, $6, $7 if I can get to $42.
If I don't get to $42, I don't really care either.
I have the majority in BTC, and if you didn't actually read what I said, I said NASDAQ.
GBTC isn't on NASDAQ or I would definitely be purchasing that, which you can't do in at least my PCRA.
Good luck trading!
I'll see you at the top (or bottom).
johnny829
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@CASHLESSSOCYS, Yep - good point on GBTC. Just thought we would see a bit more on the plus side from RIOT, especially given the hammer candlestick pattern. I just bought it as a NASDAQ trade, as well. Sold 2/3 position @ $5.80-ish. I am way too heavy in crypto anyway, so this has been a great month :)
CASHLESSSOCYS
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@johnny829, I was trading in and out at first, bought around $1.70 and sold around $5. But I saw the correction down to $3.50, so I filled back up, now holding that loss. I've decided I'm going to DCA the rest of the year and see what happens unless it clearly isn't going to hold any support. For now, the traditional markets are getting wrecked and crypto assets are out performing so that's where I'll stay and double down!
tcommodity
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@CASHLESSSOCYS, I think you've opened my eyes to something awesome with Logarithmic regression calcs.
How do you do and can you do it on the 240 minute chart? It looks to me we're getting close to the end of
the correction before going much higher.