The Strength in some of these Crypto Stocks has me curious… Let’s look at RIOT, MARA, and MSTR – July 1, 2021
RIOT MARA MSTR
This is Scott with your Chart of the Day. I want to take a look at some crypto stocks. Now while Bitcoin kind of flounders around that 33 thousand level below most of the major moving averages, you can see that some of these crypto stocks are actually ABOVE most of their moving averages.
We have Riot ( NASDAQ: RIOT ) here, Riot Blockchain ( NASDAQ: RIOT ). You can see it popped out of a little downward-sloping trendline, did it on good volume, and now it is just kind of consolidating back above all of the major moving averages. It got a little extended here, that’s fine, a nice big move off the low, over 30 percent in a couple of days. Yes, I would be selling into that too. But ever since then it has just kind of drifted gently back to the daily 8-exponential period moving average.
If you look at Marathon ( NASDAQ: MARA ), it’s the same kind of thing. A big move off the low, a nice 30 percent gain, drifting back to the moving averages. MicroStrategy ( NASDAQ: MSTR ), Michael Saylor’s company. A big move off the 50-day moving average, over a 20 percent move in two days, and the same thing, drifting back to the moving averages.
So while Bitcoin is floundering these stocks are trying to change the daily trend because they were BELOW all of the major moving averages and now they are above and holding above. If Bitcoin does start to firm up and go, the fact that these are back above the major moving averages is one less hurdle for them to try and move through.
So keep an eye on some of these crypto stocks, maybe have an alert at the recent highs, like on Riot ( NASDAQ: RIOT ), you would want an alert right around that $40.00 range. On Marathon ( NASDAQ: MARA ) you would want an alert right around $34.00. And on MicroStrategy ( NASDAQ: MSTR ), maybe have an alert right around 694.00. I am going to set those alerts on my software, you should as well, and let’s hope we all go to the moon.
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