RIOT: One last step down before rocket to the moon or crash?

1 Sep

At this moment RIOT looks to be completing 5th wave of wave C. The price might come down to the volume node from last year's consolidation. During this long BTC consolidation, RIOT and other miners have suffered a brutal downtrend. The long downward consolidation has tested the fundamental strength of the company. RIOT is probably the only one that has very little debt, good amount of cash in hand and except Q2 earning, a good history of constant earnings growth. At the moment I don't believe there is any plan for additional share dilution. So, many things are pointing towards a trend shift. I am in no rush to buy in at the moment. After a huge consolidation like this, it is likely the uptrend will start out slow; maybe in some kind of a leading diagonal. I have no intention to get caught on that. When I see a solid 5 waves up and three waves down, I will start dipping my toes. It might still take some time to get going. If price crashes below $5, then it's game over!