Nathan_Black

RIOT: Afraid of a pullback? A few points to keep in mind!

NASDAQ:RIOT   RIOT BLOCKCHAIN INC
Hello traders and investors! Let’s talk about RIOT today! This one is flying, but is there any reason to worry about it? Let’s see.

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 ema , 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 candlestick pattern here. Since it is not near any resistance level , 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 volume 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 ema 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 pivot in the 1h chart!

Let’s follow RIOT closely and remember to follow me to keep in touch with my daily analyses on stocks and indices. Also, support this idea if you liked it!

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Comments

Curious... with your analysis, does that mean we are now looking at $78. - $85. come 2/23 - 2/26?
+1 Reply
Nathan_Black Okietrades
@Okietrades, it is a possibility!
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jamesaf1988 Nathan_Black
@Nathan_Black, could you please do a piece on Frontier Lithium... they have massive regional advantages... only other technical grade lithium mine compared to Australia in the entire world with a few very small exceptions when comparing the size of the site. With several other dig sites already found. they are being compared to PLL extremely undervalued right now. even have a partnership with XPS to create lithium hydroxide and they are a leading company in their field and the process they are using is patent-pending which suggest its more advanced in some way. Chris temple has said they are a hidden gem of this year and for those who've been waiting patiently it's going to be a fantastic year for FL... they already have 1 million metric tons of lithium rock found and they start digging by 2022-23 THANKS
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a lot of market manipulation yesterday to shake today's exp contracts. Other than that I'm bullish as long as BTC is
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Thank you for your analysis!!!!! Love it!
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@huangji8, Thank you for your support, Huang! You are great! :)
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I think the first support level is around ~$46-47 (Fib and the support level from the Weekly chart) and the next one is ~$29.
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Always touting stocks at their highs, 4 gaps in wave 3, last an exhaustion in a parabolic rise. In the post market RIOT is making new lows to 57.50, very heavy volume, it has filled a gap left on 2/16 last hour was 58.75, daily low was 54.35, under that there is another gap left from 2/12, last hour 47.82, and daily 43.66. I count a total of 4 gaps in wave 3, the last could be an exhaustion gap that is being filled right now, 2/12's bar likely a continuation gap. MARA is making new lows (39.62) in the post market as well seemingly going to test .382 of wave 3 at 37.92, there is a gap from 2/12 down to 37.58, that gap and .382 retracement should be a strong target, there is another gap on 2/10 but that filled the gap left from 2/9, also a total of 4 gaps but the slope analysis not even close to RIOT.
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@pechi123, Hey Pechi! Again, thanks for commenting!

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!
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Love it!
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