RIOT Blockchain (stock ticker: RIOT) sits in the blockchain space and has definitely been making some noise.
Although blockchain is here to stay, the risk exposure in RIOT stock pulling back into its shaded price channel is high. The stock price has been on a very strong run and is hitting strong price resistance.
Sure, it could be a runaway train into higher prices but probably it’s best to pause here and wait for that breakout. or better yet, let prices pullback to a better buy point. Short positions are probably risky too (being so close to a breakout level).
RIOT’s stock price could rotate down sharply as it has run so quickly. With this in mind, I have put an alert for the 5 dollar area.
Patience will allow you to win here. Nibble, if you must but only a nibble- you’ll be in much better shape letting this one come back to you.
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.