Bullish patterns in a bear market
We are almost in the same situation as in my last shared idea (ETSY).
A bullish pattern in a bearish environment.
To be exact: two bullish patterns.
A "Falling wedge" and an inverse "Head and Shoulders".
You may be wondering why is the "Head and Shoulders" still relevant.
Well, the price failed to break the neckline, so the pattern is still in play.
We also have a rising RSI and a regular divergence on the MACD, which are bullish signs.
My only problem is that, once again: we are in a bear market.
In addition, the RIOT is exposed to the crypto sector and the standard stock market movements.
If the resistance line does not reject the price, a breakout is possible.
Support: 7.06, 5.66
Resistance: 7.46, 8.08, 9.58
A bullish pattern in a bearish environment.
To be exact: two bullish patterns.
A "Falling wedge" and an inverse "Head and Shoulders".
You may be wondering why is the "Head and Shoulders" still relevant.
Well, the price failed to break the neckline, so the pattern is still in play.
We also have a rising RSI and a regular divergence on the MACD, which are bullish signs.
My only problem is that, once again: we are in a bear market.
In addition, the RIOT is exposed to the crypto sector and the standard stock market movements.
If the resistance line does not reject the price, a breakout is possible.
Support: 7.06, 5.66
Resistance: 7.46, 8.08, 9.58
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