Wealthfreq

RIOT - Wyckoff Accumulation Complete - Signs of Strength

Long
NASDAQ:RIOT   Riot Platforms, Inc.
Riot has been lagging behind despite the massive pump on bitcoin.

Why? Well, most likely the price was being suppressed so big bags could accumulate more.

See the textbook Wyckoff accumulation pattern in the image.

You can see where the price was pushed down as it started to take off

Now we are at the signs of strength phase

I expect within a week or two to test the top edge of the wedge and most likely breakout to the upside along with new highs from bitcoin.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.