RIOT: Looking fairly bullish stillRIOT reached the $20 milestone intraday last week that got sold off very quickly. The consolidation right now seems like a distribution patterns, but there are some indications that the bear case is not that strong. The daily MACD hasn't had a cross yet. It is doing the Almost tag and go thing, which can give things another boost before finally turning down. Elliott wave perspective the fifth wave was pretty clean. Now, even price makes another slightly higher high, it could be an extended B wave. That is overall pretty bullish in the macro sense. It will make the probability of minute degree wave 2 that much stronger. Percentage wise it might still drop 30%-40%, but that is in line with what has been happening historically. This year alone, we have seen a 60% drop followed by a 225% bull run and the year is not over yet. So, plan right now is to watch the support levels. I have the fib retracement levels up on the chart along with the Bollinger Bands. The bottom of the band is lining up with .618 level. Also watching the MACD for the cross to play some short-term short trades. Other than that, I have scaled out my positions and have a small bag riding the wave as long as it doesn't fall below the entry cost. There is a gap at $13.44, which can also be a target. After a 5 months straight green bars, I would expect a little breather, maybe a month or two. I will wait for a re-entry opportunity if price comes back to more appetizing levels.
