RIOT: Should go down a bit more...

RIOT has pulled back with quite a picture perfect 3 waves. But this may be only the first leg of the correction. BTC is also looking primed to take a dip towards 100k-95k area. If that happens, I would look RIO to come back towards the golden zone are and close the gap along the way. There is also a head and shoulders pattern that might play out. If price gets towards $7.2 area, that would be the true test of the bull market. Price needs to hold the $7.3 - $7.2 area and get a sharp reversal to provide any confidence for the wave 3 move up. All eyes will be on BTC and how the correction plays out there. If BTC is making a long-term top here, then RIOT will be in a lot of trouble. I will, however, start accumulating this dip in accordance to the wave count. I am going to wait a bit longer to see if price comes down a bit more. On the other hand, if this is the end of correction right here and both RIOT and BTC starts to take off, then just need to hold the nose and dive in. Money management will be key to success.