RIOT - WATCH THIS SUPPORT TREND LINE AND CHANNEL FOR NEXT MOVES
As a BTC mining stock, RIOT SP and BTCx are correlated, so the sharp fall in BTCx prices made RIOT lose 13% last Friday.
RIOT is currently moving along a rising channel (defined in green colour in my chart). The current trend line (in bold green) is acting as the main support for this stock. RIOT SP should fall to this line and bounce back up quickly if BTCx shows its recovery on Monday / Tuesday. If BTCx lose its strength and keeps going to fall in the next weeks, the current trend line can not hold RIOT. As a result, it will fell off its base and start a downtrend in an immediate term. The next support levels below (in blue on the charts)
So investors should keep a close look at the reaction of RIOT when it touches the current trend line for the next moves.
My idea can be 100% wrong, do your own DDs before entering to any trades.
RIOT is currently moving along a rising channel (defined in green colour in my chart). The current trend line (in bold green) is acting as the main support for this stock. RIOT SP should fall to this line and bounce back up quickly if BTCx shows its recovery on Monday / Tuesday. If BTCx lose its strength and keeps going to fall in the next weeks, the current trend line can not hold RIOT. As a result, it will fell off its base and start a downtrend in an immediate term. The next support levels below (in blue on the charts)
So investors should keep a close look at the reaction of RIOT when it touches the current trend line for the next moves.
My idea can be 100% wrong, do your own DDs before entering to any trades.
Comment:
Lost 10s support, will see 5s if the bear market will last for few months