Crypto mining stocks, like Riot Blockchain could be an interesting opportunity.
The last time we weighed in on the stock, we noted, “With Bitcoin racing closer to $50,000, cryptocurrency mining stocks, like RIOT could push aggressively higher with it. Helping, Riot Blockchain just announced that in July 2021, it produced 444 BTC, an increase of approximately 771% over its July 2020 production of 51 BTC.”
That was on August 16, as RIOT traded at $28.40.
After challenging triple top resistance at $40.80, the stock pulled back to the lower range of its channel. At the moment, it’s now at triple bottom support around $29, and could again test prior resistance around $40.80, near-term.