RIOT is following Bitcoin down this morning after hitting my take profit #1 target in the High Volume Node resistance, $18.7. Stop loss is at break even to protect the win as part of my strategy.Th Elliot wave now looks like a III wave ABC corrective structure that completed a larger wave B of II, bringing my wave III analysis into question, keeping wave II alive. Price is about to test the 200EMA, another long area for one of my strategies but I'm being cautious during these turbulent markets.
Daily RSI reached oversold and is slowing coming down the speed of adjustments suggest a bear trend is in tact.
Continuing above $19 keeps my wave III count alive but lowing the 200EMA suggests we visit the golden pocket in wave II at $10. Not ideal for the bulls. At this point we should see a strong reaction as wave III kicks in.
Safe trading.
🎓 Behavioural Economist (PhD)
📈 Trader / Investor 15 years
👑 Unlock my trading plans: tradingblueprints.substack.com
🏆 Market Psychologist Newsletter: marketpsychologist.substack.com
📈 Trader / Investor 15 years
👑 Unlock my trading plans: tradingblueprints.substack.com
🏆 Market Psychologist Newsletter: marketpsychologist.substack.com
Related publications
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.
🎓 Behavioural Economist (PhD)
📈 Trader / Investor 15 years
👑 Unlock my trading plans: tradingblueprints.substack.com
🏆 Market Psychologist Newsletter: marketpsychologist.substack.com
📈 Trader / Investor 15 years
👑 Unlock my trading plans: tradingblueprints.substack.com
🏆 Market Psychologist Newsletter: marketpsychologist.substack.com
Related publications
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.