Riot Platforms Stock Plunges As Bitcoin Hits $49K – What’s Next? RIOT Stock Prediction

This video discusses a significant decline in the stock price of Riot Platforms, a company involved in cryptocurrency mining, particularly in the context of a fluctuating Bitcoin market.

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Link: https://www.cnbc.com/2024/01/11/bitcoin-mining-stocks-tumble-after-the-cryptocurrency-briefly-touches-49000.html#:~:text=Investors%20took%20profits%20after%20the,according%20to%20data%20from%20CryptoQuant.

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What’s going on everyone today’s the 12th of January 2024 going to talk about Bitcoin mining stocks yeah look what tnbc wrote in the title Bitcoin mining stocks tumble after the cryptocurrency briefly touches $449,000 Riot platforms is one of those miny stocks investors took profits after the price of Bitcoin briefly spiked above

$49,000 for the first time since December 2021 yeah people taking profit in Riot I mean when you look at the chart boom right there look at the run that Riot was on so rightfully so let’s go on to see what this article talks about Minor Revenue has fallen in

Recent weeks as Bitcoin transaction fees eased according to data from crypto Quant the two biggest mining stocks Marathon digital and Riot platforms lost 12 and 15% respectively this article was produced on January the 11th on yesterday miners were some of the biggest gainers in the stock market 2023 Riot Rose more than

350% of course you’d be crazy not to take profit when you have seen your investment go up 350% don’t be like these other other people who tell you to hold on to the stock for the next 60 years you’ve already won 350% why not take something off and put it

Up minor Revenue has also fallen in recent weeks as Bitcoin transaction fees eased according to data from crypto Quant fees were extremely high for most of December due to high transaction activity on the network but have since cooled which affects the mining company’s Revenue crypto quants Julio Mareno

Explained some investors may also be positioning for the upcoming Bitcoin having when the mining reward for mining Bitcoin and Mining company’s Revenue will be cut in half so when your Revenue gets Cuts in half what’s going to happen to the stock price yeah it’s going to go

Down so pretty much we’re going to do another price prediction for Riot platforms we did one already and as you can tell it did not go according to what we thought it was and it will happen we wasn’t that bullish but the fact that let me zoom in so you can see

It the fact that we didn’t see right come up here to this first sell Zone that we anticipated that it would do also gives us a clue of how weak the stock currently is so we got that and then maybe a day or the same day as when

We did our video look at that the marketing Riot gave us a weakness indicator off of the daily time frame these are things we need to pay attention to and then the market slowly held consolidation but then we got another massive move down in Riot 15 almost

16% so yeah the environment has changed in Riot there’s more people willing to take profit than are people willing to buy and hold right now so we need to get rid of this price prediction it didn’t work out 9.72 maybe the same day or the day after

We did our price prediction if it were to get on the close on yesterday is 25% okay let’s go ahead and get rid of this trend line because price in Riot is no longer trending that trending that way that direction if anything it’s going to be trending down we’re going to

Create this cell zone now right here okay we need to look over here now to determine where are the buyers so let’s break this down on the 330 minute chart do you see any indications to where buyers could be I think there’s one here for Riot so we’re going to create

That as a byy Zone and then I see one here and right as well so yeah we’ll do that see what we come up with over the next couple of trading days and Riot let me bring this back over to the Daily time frame so let’s see here let’s go a and put

This on the chart first and hold on let me look at this on a different time frame here it is on the two again that’s a lot of weakness there on the two-day chart the volume also is is impactful you guys can see it stands

Out at you it’s a lot higher than what we’ve been accustom to in Riot since oh wow we got to go all the way back we haven’t seen this much volume in Riot till maybe back in 2021 when this trade around $70 80 so that’s a lot of volume within the

Last two days and Riot look this on the three again still looks weak Riot on the five again still looks weak here it is on the weekly time frame again still looks weak it’s very rare for you to see a fake and it puts a

Go down bar on a longer term chart I’m just saying so for us to have this we can see the market and Riot go a lot lower than what we’re anticipating okay just throwing it out there so let me put this back on the daily chart and let’s look at

This to go down first Target is either at the high of this buy zone or the low or in between okay so that would be around 18.18% second target will be at the second buy Zone 28.8 eight% okay extend this over and let’s bring this up very RI

Range that we can see the price action in in a riot but given the longer term charts of how we’re still seeing a lot of weakness I definitely feel as if that the market is going to continue to drift down to continue to go lower so I think I’m done what about you

What do you think the price in R is about to do now and we’ll see which one is right give me your thoughts it’ be a good thing for us to see the price and right hold $9 though I definitely want to see that as we anticipate this particular stock continue to go

Down just want to throw that out there but that’s yet to be determined make sure you make maintain the profitability and as always trade different