RIOT Platforms, Inc. is showing signs of a potential retracement after a strong rejection from the $8.15–$8.18 resistance zone. The long upper wick and red daily candle suggest sellers are stepping in. Price has re-entered a Fair Value Gap (FVG), and I anticipate that imbalance to get filled.
The $6.84 level is a key support zone from previous structure and coincides with the lower boundary of the last bullish impulse. It’s also where multiple wicks formed on high volume, indicating liquidity and buyer interest.
Trade Setup:
• Entry: $7.83 (current level)
• Target: $6.84
• Stop Loss: $8.35 (above rejection wick)
• Risk/Reward: ~1.5R
Thesis:
Price likely revisits $6.84 to fill the FVG before any bullish continuation.
What Invalidates This Trade:
• A strong daily close above $8.40
• Bullish engulfing candle reclaiming $8.18 with volume
• Bitcoin making a new high and dragging crypto-related stocks up with it
Key Metrics to Monitor:
• Daily volume spike above average on green candles
• Bitcoin spot price above $67,000 (macro correlation)
• RSI breaching 60 with bullish divergence
• Reclaim of 21 EMA on the daily
⸻
Disclaimer:
This is not financial advice. These are my personal opinions and ideas based on chart analysis. I’m not a financial advisor. Always do your own due diligence and consult a licensed professional before making any investment or trading decisions.
The $6.84 level is a key support zone from previous structure and coincides with the lower boundary of the last bullish impulse. It’s also where multiple wicks formed on high volume, indicating liquidity and buyer interest.
Trade Setup:
• Entry: $7.83 (current level)
• Target: $6.84
• Stop Loss: $8.35 (above rejection wick)
• Risk/Reward: ~1.5R
Thesis:
Price likely revisits $6.84 to fill the FVG before any bullish continuation.
What Invalidates This Trade:
• A strong daily close above $8.40
• Bullish engulfing candle reclaiming $8.18 with volume
• Bitcoin making a new high and dragging crypto-related stocks up with it
Key Metrics to Monitor:
• Daily volume spike above average on green candles
• Bitcoin spot price above $67,000 (macro correlation)
• RSI breaching 60 with bullish divergence
• Reclaim of 21 EMA on the daily
⸻
Disclaimer:
This is not financial advice. These are my personal opinions and ideas based on chart analysis. I’m not a financial advisor. Always do your own due diligence and consult a licensed professional before making any investment or trading decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.