An ascending triangle pattern has formed on the chart of Riot Blockchain, Inc. RIOT. It's a bullish pattern and it could mean shares are about to move higher.
Chart patterns illustrate the supply and demand dynamics that are occurring in a market. An ascending triangle shows complacent sellers and aggressive buyers.
See Also: Traders Prepare For Bitcoin Breakout Through Riot Blockchain Options
Since the end of June, the sellers have held steady around the $39 level. They have been content to let the buyers come to them.
The buyers have been aggressive. Over the same time period, they've been willing to pay higher prices. This combination of complacent sellers and aggressive buyers could be bullish for the stock. It may break out and move higher.
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