The VoSI VooDoo Report
Offbeat Ideas and Commentary from the Depths of Gil's Trading Notes
Riot Blockchain (RIOT) has been one our favorites in the crypto space as a Bitcoin miner. After a climactic run into late February the stock has been basing for the past seven weeks and is now finding support along its 50-day moving average as volume dried up to -52% below average on Friday. This puts it in a buyable position using the line as a selling guide. We expect some focus on the crypto space this week as Coinbase Global, the leading crypto-currency exchange, is expected to come public this Wednesday, April 14th, under the symbol COIN.
Since the group tends to move together, we would also keep an eye on Marathon Digital Holdings (MARA), formerly Marathon Patent Group. It has been the de facto leader among the Bitcoin miners as it remains within range of a recent base breakout through the $50 price level. Most of the price congestion in that base, however, occurs just below the $45 level which serves as more reliable support and coincides with the 10-day moving average, where the stock pulled back to on Friday as volume declined to -16% below average. While this is not low enough to call it a voodoo pullback, it is still a constructive pullback to the top of a prior base. This is therefore in a buyable position using the 10-day moving average as a tight selling guide, or the 20-day exponential moving average as a wider selling guide depending on one’s risk preferences. We would also expect MARA to garner some focus this week amid the COIN IPO hoopla, which should make it an interesting week for all things crypto.
VoSI VooDoo(TM) Report - Riot Blockchain (RIOT) 4/11/21
|Published:||11 Apr 2021 11:10 ET|
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