To The Moon

Most major digital assets were mixed Friday, with bitcoin (BTC-USD) holding above the $51,000 level.

The CoinDesk Market Index, which tracks 189 digital assets, was down 0.8% in the past 24 hours while the Nasdaq 100, S&P 500 and the Dow Jones Industrial Average declined 0.7%, 0.3% and 0.2%, respectively.

The big picture overview

Bitcoin (BTC-USD), the largest cryptocurrency by market value, was little changed in the past 24 hours at $51,848, according to CoinMarketCap data. Trading volume was $31.26 billion, down 17%. The most popular cryptocurrency is on pace to conclude the week with a gain of 8.8%.

Investors with a lot of money to spend have taken a bearish stance on Riot Platforms (NASDAQ:RIOT). Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with RIOT, it often means somebody knows something is about to happen.

⚠️ Trading tips: looking at calls above 19 and puts under 16. So far RIOT will climb towards earnings and sell off soon after the event. But if BTC chooses to scale new heights, crypto related stocks will follow suit. Well, Bitcoin is like a box of chocolate, you never know what you gonna get 😉

A double top pattern?

Options scanner spotted 10 options trades for Riot Platforms which isn't normal. The overall sentiment of these big-money traders is split between 40% bullish and 60%, bearish.

Out of all of the options we uncovered, there was 1 put, for a total amount of $29,750, and 9, calls, for a total amount of $504,725. Based on the trading activity, it appears that the significant investors are aiming for a price territory stretching from $10.0 to $20.0 for Riot Platforms over the recent three months.

Open interest from last 30 days

With a volume of 3,747,160, the price of RIOT is up 0.73% at $16.65. RSI indicators hint that the underlying stock may be overbought. Next earnings are expected to be released on Thursday, February 29, 2024 after close.

In the last month, 2 experts released ratings on this stock with an average target price of $18.5. An analyst from Needham has decided to maintain their Buy rating on Riot Platforms, which currently sits at a price target of $18. Reflecting concerns, an analyst from Cantor Fitzgerald lowers its rating to Overweight with a new price target of $19.

Selling RIOT CC at resistance later

Marathon Digital Holdings, Inc. (NASDAQ:MARA), a leader in supporting and securing the Bitcoin ecosystem, will hold a webcast and conference call on Wednesday, February 28, 2024 at 5:00 p.m. Eastern time to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2023.

Just follow RIOT’s analysis 😉

The total market value of the cryptocurrency industry was down 0.6% over the last 24 hours at $1.94 trillion. The total trading volumes decreased 15% to $78.33 billion.

Selling MARA CC at the top later

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