RIOT: Things might get worse before they get better

9 нояб. 2023 г.

In my last analysis, I was waiting to see how price reacts from the Oct lows. If BTC was moving higher but RIOT was not, it would be the warning sign. And things might be playing out that way. Unfortunately, price went too high up to still be an ending diagonal structure, which I was hoping for. Instead, now things are looking like a much larger ABC pattern with wave B either complete or may make another quick spike up before breaking down. Now, things can get ugly, depending on how fast and how far price may drop, but I would hope for it to hold the $7.5 pivot. If not, there are several fib support areas along with volume support areas. Best course of action would be wait some more. I don't want to short at this time because earnings were good and BTC keeps moving higher, RIOT can also keep moving up. Structure wise, this doesn't look to be an optimal spot to trade. If price does drop, I will be buying with both hands. I will buy the shares, DCA and use options to hedge risk and also bring the cost down. As long as price stays over $3.25 low, it should provide hefty gains in the next year or two.