RIOT pushes through key technical resistance level
Riot Blockchain Inc (RIOT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RIOT finished the week 14.69% higher at 1.64 after gaining $0.03 (1.86%) today, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.05 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 1.63, the share confirmed its breakout through the previous session high after trading up to $0.04 above it intraday.
Daily Candlestick Chart (RIOT as at Feb 14, 2020):
Friday's trading range has been $0.11 (6.83%), that's slightly below the last trading month's daily average range of $0.12. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RIOT.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Buyers managed to take out the key technical resistance level at 1.62 (now S1), which is likely to act as support going forward. The last time this happened on Tuesday, RIOT actually lost -4.76% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Riot Blockchain. Out of 271 times, RIOT closed lower 57.56% of the time on the next trading day after the market condition occurred.