All converging. Volume and activity dry up, if you see some nice volume in the premarket, could turn into a nice bounce in the open. These are all like, the "blue chips" of bitcoin stocks, the originals with the most volume.
This stock was pumped up due to "Blockchain" in it's name. It could retrace to the .786 if it cannot break above the .618. Expecting it to stay with the green on the Gann Fan (1/3) . It has weak institutional support and poor earnings and revenue. This is a highly speculative stock that's betting on the success of the Blockchain in it's name. If it is...
The bitcoin craze is showing signs of quieting down (I hope). This instrument (Riot stock) is showing significant selling pressure. If I was trading it, I would consider shorting it on a break below the Red indicator line.
The custom support resistance indicator lines show decent places to enter or exit.
The Blue indicator line serves as a Bullish Trend...
Strange formation of triangle at support/resistance line
All meeting for today's trading
RSI sideways at 50
Simon says: the price will go up
My target is $40 two weeks from now, mirroring the last 10 trading days
Done? Option 1 says it is not done. FB between wave (iii) Red and (ii) Red gives a (v) Red of $57.90. Option 2 assumes wave 3 is done at today's top of $45.99. Opt 1 and 2 assumes a 0.618 FB Retracement for wave 4 (Blue). Option 3 for wave 4 (Blue)assumes filling of the lowest gap with a FB Retracement of 0.77
See the setup for a bullish scenario with pullbacks possible to cover previous gaps up, creating buying opportunities. Often times the gaps in price action will have a tendency to be covered by future price action. These areas act as support and resistance and magnets for price action to retrace and afterward continue the underlying trend.
Look for the early sell-off and wait for consolidation with volume to confirm a move.
A Few Factors to Consider
- overbought RSI
- low volume support end of day
- Price sitting right under HVN
- Well above VWAP and Weekly VWAP
If stock pushes past 22.05, prepare for massive sell-off wih a resurge. As always, use volume to confirm a push to the up or downside...
Chart looks pretty bad here. Loot it up elsewhere for a better idea on how it looks. The dynamic resistance is actually closer to the price. I do not recommend to hold that position for too long. NASDAQ : RIOT
