March 3, 2025
Weekly Wiretap Pick Of The Week RIOT
Trade didn’t work out -100%
(can’t win them all!)
My Trade Plan Details:
RIOT March 14th $10 calls around $.65-.75 cents
Stop: RIOT closes below $8.50
- Target 1: $12s
- Target 2: $14s
My Reasoning:
RIOT was trading as high as $14s and $15s just a few weeks ago before tumbling to mid $8s as Bitcoin traded from $110k to low $80ks last week. With the big over the weekend jump on Bitcoin my feeling is RIOT could start to stage a comeback early this week.
First off, I think RIOT could rechallenge the $12s to $14s this week if we run strong. I’d like to see a dip back into the low to mid $10s before making an entry and use that $12s to $14 as my upside sell targets. If RIOT trades below the mid $9s then I think this play will be over for me.