Here comes the death cross

The share price of Riot Platforms (Nasdaq: Riot) continued its sale, although Bitcoin and other cryptocurrencies remained stable. The shares fell to a low of $ 8.90 on Tuesday, the lowest level since April 6th. From his highest level this year it has decreased by more than 56 %, which means that it is in a deep bear zone.

Bitcoin is really good

riot platforms is a large company in the bitcoin mining industry. The company operates some of the world's largest mining facilities. The facility in Rockdale is, for example, the largest mining and hosting system in North America. The provided hash rate is 10.7 EH/S.

riot platforms and other mining companies such as marathon digital, cipher mining and argo blockchain usually cut off well bitcoin The price increases. This explains why the shares rose to a maximum of over $ 20.6 when Bitcoin rose to the previous annual high of $ 32,000.

It is quite surprising that Riot Platforms' share price has broken in, even though Bitcoin has developed well in recent weeks. Bitcoin stayed over $ 26,200, although the fear and greed index fell to the extreme anxiety zone of 25. The Dow Jones, the Nasdaq 100 and the S&P 500 have also been very popular lately.

I believe that Riot Platforms and marathon are digitally good speculative purchases. First, I believe that Bitcoin will be much higher than today. The halving of Bitcoin is imminent in 2024, which will probably drive up the price.

In addition, I suspect that the Securities and Exchange Commission (SEC) will approve a spot bitcoin ETF. In addition, the leading applicants are some of the largest companies in the industry such as Blackrock, Fidelity and Wisdomtree.

most important is that Bitcoin has asserted itself quite well, although the Federal Reserve has raised interest rates to the highest level for more than two decades.

forecast on the share price of Riot Platforms

The daily diagram shows that the riot share price has been in a strong downward trend in recent months. He recently plunged under the important support of $ 14.45, the highest level in April of this year. The stock fell below the important support at $ 10.07, the low on August 25th.

The most important thing is that the 50-day and 200-day-weighted moving average (WMA) are about to form a cross. Therefore, the stock will probably remain under water for a while. In this case, the next level to be observed is $ 8.