First, in the hourly chart we see that it is showing some weakness, but this alone is not going to be enough to make it drop. Yes, it might do a top lower than the previous top, as evidenced by the purple line, but RIOT did this sometimes in the past, and it didn’t work.
I would focus more on the black line at $ 58.78, because it would lose the previous bottom along with the 21 , and this would be something new for the stock. So, the black line is a possible Pivot Point, that could trigger a short-term bear trend, and sharper pullback in the daily chart:
The black line in the 1h chart is today’s low, and so far, we can assume we have a classic Bearish Harami pattern here. Since it is not near any , it is not a reliable reversal sign, but it could work as a pullback.
The volume is quite high on RIOT, which is curious, as the on BTC has been decreasing in the past few days.
If RIOT triggers a pullback by losing the points mentioned above, the next stop would be the 21 ema. I find it hard to tell if it could seek the support at the $ 29.28, as it is too far away right now, so, I would focus on the 21 first.
This would be a pullback, but we have no reversal signs around. In fact, as far as I know, pullbacks are opportunities to buy at a cheaper price, with an optimized Risk/Reward ratio. But first, RIOT must trigger the in the 1h chart!
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W: + 46.78%
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LB: + 78.70%
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But you got it all wrong, as I'm not touting anything, and my analyses are bias-free. I'm here to offer my insights to those who are trading or want to trade it.
And I don't use Elliott Waves.
Again, thanks for the support!