RIOT - Time To Get Long Against Kerrisdale

8 Tem

RIOT

Ok so if Bitcoin is turning bullish or even having a big bounce; then I think RIOT may break out soon.

I've been somewhat bearish on some of these miners for lack of performance, but RIOT was entirely unaffected by the Bitcoin dump and that is a sign of strength.

I think this contraction pattern may be building cause and perhaps a wild next wave up is coming.

Not without plenty of risk but this show of strength does considerably reduce risk.

And this could be a great positional buy right here.

RSI holding well just below the midpoint too - looking stable.

Kerrisdale Capital are short RIOT (hedged against Bitcoin) but if Bitcoin pushes on up that may prove to be quite a costly mistake.

Not advice

8 Tem

Not

RIOT/BTC

Riot against Bitcoin had a very positive week last week and printed a solid bullish candle.

Multiple bullish RSI divergences printing on the week chart.

And worth noting that this area is within the 1:0.618 Golden Window.

So this could be a 3 wave correction completing here.

And if it pivots here then the 1:0.618 GW is a weak ratio for a third wave.

The ratio band signals that there may be significant bullish action against Bitcoin.

And so if this does develop into a more significant bounce then this should at least get back to the 0.618 retracement of the 3 waves.

That would be a 240% increase against Bitcoin from here 😃.

8 Tem

İşlem aktif

9 Tem

Not

Dont forget to BOOST this idea and more fanboys will see it 👍.

17 Tem

Not

Up 39% since my entry this time last week 🚀.

18 Tem

Not

RIOT slumped with BTC.

And now BTC is bouncing from the 1:0.618 Golden Window extension.

If it holds then this ratio is weaker due to shorter 3rd wave.

And can be a signal of downside weakness.

With that consideration in mind, this can be a good area to buy with momentum I think though just my opinion - not advise.

Might slump a bit more; who knows really...

The great time to buy as always was in the corrective area.

12 Ağu

Not

RIOT

Miners have been having a bearish phase and tugging at the heart strings.

My position is underwater here.

But remember that it is the highest time frame trend that really counts.

So although RIOT has had so impulsive dumps...

The overall trend is shallow.

And we've had slightly lower lows.

This suggests an accumulation.

And so if you like buying fear which very often is the best method, then this can be a great entry here.

And we'll see where RIOT is toward the bull market end.

Which I am starting to think may come sooner than most expect 😯.

17 Eki

Not

RIOT

Moving up nicely over the last few days.

RIOT passed through a typical Wyckoff SC, ST and so this has a good chance to be the next wave up here 👍.