RIOT short term target 25 early next week; medium term 18-22
Chart looks almost as terrible as the BTCUSD chart (see reference below) with an intraday H&S formation. Confirmation of this pattern would stick us around the 25 level. With the 200 day offering support around 22-23, and having tested it for a week previously, it seems probable we could descend through it in the next week or two. I would see 18 as the medium term critical support if the 200 day fails.
The optimistic may envision a falling wedge here, but the volume pattern does not support this hypothesis.
Note that also if we should find the path to 25, this could actually form an even larger head-and-shoudlers (shoulder 25, head 29, shoulder 25) - with a downside projection to 21.
The optimistic may envision a falling wedge here, but the volume pattern does not support this hypothesis.
Note that also if we should find the path to 25, this could actually form an even larger head-and-shoudlers (shoulder 25, head 29, shoulder 25) - with a downside projection to 21.
