korbinperry

RIOT to rage harder than a Portland protest? We'll soon see!

Long
NASDAQ:RIOT   Riot Blockchain, Inc
Alright everyone, listen up.

Let me preface this by saying one thing - I have absolutely no idea what I'm talking about.

But if I've learned one thing so far it's that I need to make the TA work for me. Know what I mean? So let's get jiggy with it.

First of all, let's observe: DAILY

Now there's a lot going on here, so let me make this real simple for you, and let's go top to bottom.
  • Top orange line = BTC price. Why do we care? Because, this is RIOT blockchain , ya dingus. BTC is ripping and that's a pre-requisite for a good time over at RIOT.
  • Yellow angled line - I drew this bad boy. Why? Because, I liked the way it looked. I like drawing lines to confirm my own bias, we'll see if she breaks through and does a little bounce, or if it zings through so fast we miss our shot altogether. (And probably chase for a loss)
  • See all those curvy colored lines? They're all EMA's. Here's the thing - does it matter which one is which? RIOT is on top of all of them, we like that.
  • Volume was looking spicy today, and I like that little volume average curling up.

Now, please, observe with the addition of MACD and RSI indicators:

First off, I don't know what these indicators mean. MACD has something to do with momentum, I don't really care all I know is I like that blue is about to slip past orange and that little red guy is looking like he's gassed and ready to pass the ball to the green team.

RSI has something to do with volume , I don't know, all I know is when it's over that 70 it could get gassed quicker than Connor McGregor past 3 rounds. That said, there's some room to rock here and she's primed and ready by my estimation.


SO NOW WHAT?

Well, I have no idea. All I know is it's too easy to over think, so I'm not going to. I found some spots on the 2 hour that look like some soft resistances, maybe we'll rip through tomorrow or the next couple days, or maybe we'll reject.

What I do know folks is that we're currently in the zoom zoom zone.

What's the zoom zoom zone???

Well, the zoom zoom zone is the zone at which the ticker has less traveled. There hasn't been much activity in this region, so we're likely to be extra spicy if the volume is there. Price moves quick in the zoom zoom zone.

Feast your eyes:

See those bars on the right? Something about volume in that price zone. Once it gets shallow with some volume these babies peel rubber. Don't take my word for it, use the dang thing, ya turkey.

Anyways, if it starts ripping towards 65 tomorrow don't say I didn't tell you so. Also I drew another line at the bottom because the only thing better than a trend line is 2 that form a triangle. Sometimes when stuff breaks out good things happen (or bad, keep your putties handy.)

If BTC rips overnight chances are we'll see some action here, some support on these levels, who knows.

All I know is, I like the stock.




Comment:
THE TRIANGLE HAS SPOKEN
Comment: A very interesting day friends, let's take a look here.

One thing to note is that obviously, RIOT blockchain is tied to BTCUSD like spaghetti and meatball. They don't necessarily need to be together to be enjoyed, but they seem to be lost without each other (just ask the meatball, trust me...)


So what happened?

Well, it looks like this morning, BTC dropped a couple thousand. Now, how big of a deal is that? Well, apparently to RIOT paper hands pretty important. Personally, if I were a diamond hands RIOT holder I would be a bit offended here. If BTC dropped below 60k, you might have something here - but what I think we have today is a case of pure paper handed blasphemy.

Looking at the image above, it looks as though our arbitrarily drawn triangle was lightly penetrated towards the bottom. Now seeing as how this isn't the first time, I'm going to let this one slide.

In fact, now I'm more interested than ever. Their loss may be our gain, friends.

Let's keep a close eye on BTC tonight, and of course pre market tomorrow. If we're moving up above where we closed today, I have little doubt in my mind we've got plenty of room up. I'd love to see a bounce around our magic triangle headed towards those sweet sweet resistance / support lines we know and love.


Now we're at a critical point here. As you see, we've landed at a key level here where most of the market makers seem to want to gobble gobble gobble.

Depending on market volatility tomorrow and the price of BTC, we may see a launch off this point - or conversely a drop if BTC rips downward. Weak day? We may just see some consolidation around this area.

I'm not one to drop a put or go short on RIOT, so I'm only interested if BTC rips through the night and morning, I would consider going long on a strong open crossing pre-market highs.

$RIOT

This is the way
Comment:
Well folks, BTC didn't exactly scream last night. Looks like it's on the up and up this morning so let's follow close and see what happens. I still like it long with some volume if BTC and rip and hold!
Comment:
Let's see if we can get on top of those colorful EMA lines and hold! So close!