It's been rough for the miners. As BTC is making all time high, miner stocks are not getting any love. This divergence is ultimately result in market picking a direction after the consolidation is over. Right now, RIOT is range bound, sitting at the middle of a channel. I have both bullish and bearish EW count. Whichever is correct, doesn't really matter, as longer timeframe still looks very bullish.
Bullish case:
The blue count assumes minute degree wave 3 should start very soon. As long as price stays above $9.64, the bull case is still alive. Price looks to have found some support at the midline of the channel and if next week we see a nice big candle to the upside, it might get some momentum to start the wave 3 of 3 of 3. Risk is lower above $18.5.
Bearish case:
The black count assumes intermediate wave 2 correction is about to complete. Minute degree wave 3,4 and 5 will get going very soon and price should get back towards the bottom of the channel to complete this almost 8 months long consolidation. This may also align with a short correction for BTC and overall markets for the next couple of weeks. After that we should see a clear reversal and upward movement.
Bullish case:
The blue count assumes minute degree wave 3 should start very soon. As long as price stays above $9.64, the bull case is still alive. Price looks to have found some support at the midline of the channel and if next week we see a nice big candle to the upside, it might get some momentum to start the wave 3 of 3 of 3. Risk is lower above $18.5.
Bearish case:
The black count assumes intermediate wave 2 correction is about to complete. Minute degree wave 3,4 and 5 will get going very soon and price should get back towards the bottom of the channel to complete this almost 8 months long consolidation. This may also align with a short correction for BTC and overall markets for the next couple of weeks. After that we should see a clear reversal and upward movement.
