Bitcoin miner Riot Blockchain hit a seven-month high in mid-November. It pulled back sharply and now may be attempting a breakout.
The first pattern on today’s chart is the price zone around $38. This is the roughly the spot where RIOT peaked in June and August. It’s also served as the top since November 16.
Next, the 200-day moving average is in the same area. (Because RIOT’s historical volatility is above 100 percent, these levels are looser than we’d normally see.) The confluence of this key MA and old peaks potentially increases the importance of this zone as resistance.
But will it hold? Notice …