Although RIOT (Riot Blockchain Inc.) has been highlighted as a standout swing trade & unofficial trade idea since before it broke out back on January 3rd (and rallying over 30% since then), with today being the 3rd consecutive day of RIOT successfully defending the 1.30 support level, coupled with the impulsive reversal off the backtest of the 7754 support level on /BRR (Bitcoin futures), RIOT will be added as an Active Long Swing Trade around current levels.
RIOT daily Jan 10th
The price targets are T1 at 1.50 and T2 at 1.74 with the potential for additional targets to be added, depending on how the charts of both Bitcoin and RIOT develop going forward. The suggested stop is 1.23 and due to the extreme volatility of this low-priced & aggressive trade, the suggested beta-adjusted position size is 0.40. An additional consideration to factor in with one’s position sizing is the fact that RIOT is highly correlated to both the GBTC (Bitcoin Trust) Active Swing Trade as well as the OSTK (Overstock) unofficial trade which I may add an as official trade as well.
BRR 60m Jan 10th