RIOT - Back To $5? 🤔

Well everything went bananas after the rate hike and with NDX up over 4% at close still potentially in a corrective area I am guessing there may be some whipsaw in the pipeline over the next few days.

For that reason I've exited NDX related crypto stocks and also that BTC looks overextended.

On RIOT chart there is a big gap down at $5.7 and my guess is it fills before moving on up.

It may go higher short term but if it did happen have topped today then a 1:1 ABC takes it down to $5.5.

A little overshoot would take it down to 0.618 retracement.

And the coloured band is the long term shakeout reversal zone which I would now consider an accumulation zone.

If it did happen to get to $5.2 at the top of the band I would like to buy more and short more puts there (to take advantage of high options IV).

Short denotes potential trend direction - NOT SHORTING.

Not advice.

ความคิดเห็น:

RIOT pushed on a bit but with looks very corrective to the upside here and also considering indexes and BTC looking bearish, the gap is going to fill i think then i will buy and/or short more puts.

ความคิดเห็น:

Looking bearish af here. That little pop up out from a bearish pattern is a classic wyckoff distributive trick.

Gap is going to fill i'm quite confident.

ความคิดเห็น:

I was very early on this one and as they say on "early is wrong" however I made profit on RIOT and that gap will fill.