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VoSI VooDoo(TM) Report - Riot Blockchain (RIOT) 4/11/21

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.

This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
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