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Friday, September 4, 2020

Riot a safe play?

Riot a safe play?

Many of you know I talk alot about crypto and mention grayscale, yet grayscale isn't traded on Robinhood or Webull. You can however buy it in your roth . Now what stocks are out there that you can invest in today? Well you have RIOT and MARA, yet RIOT is probably the most known and has the largest marketcap out of the two. I personally took an investment today with Bitcoin's downturn and the stock market downturn. Before the pump of 2017 it was sitting at roughly 2.66-3.63. Now Riot hasn't had the recovery like most, so it seems like a smart play.

Again this is my first step diving head first and buying without looking at the history and just comparing the past price history with bitcoin . Only news recently is the CEO sold 4% of his holdings, which not sure if you can blam him its only 4% and he might want to invest in other companies. So take it with a grain of salt
They are losing money which reflects on their stock price not making the money, yet it is surprising with bitcoins rise.

My position is at 2.88
-Riot's trading range atm is between 2.76/2.88 just base on vpvr levels hitting a high of the trading range at 3.19. My position has potential of a 11% gain or a 1-5% lost which the reward is greater than the risk.
-Downside support is around 2.60 then 2.39
-Upside potential is 3.38 then beyond.
-MACD is sitting at its lowest point and looks like a reversal next week is on its way.
-RSI is oversold which is 1 to 1 with Bitcoin

Final thoughts
Not much else to say on this and you shouldn't invest in this company base its TA and be watching Bitcoin's movement since its what drives this price, which is very similar to GrayScale. If you don't want to hold digitl assests than this is the stock for you. When bitcoin goes on its bullrun you can suspect between a 2-3k% gain across the board with new ath a % gain of 5000 on your investment with a pt target of 100 dollars. Now I'm not sure on that, but Riot would need a marketcap of about 4.740billion and some change.

from Trading Ideas
via gqrds

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