RIOT (puts) – Your Bullseye Pick of the Week - Bullseye Pick of the Week

In fact, this trade had closer to 200% potential, if I followed my own plan and added when I was supposed to.  I got busy with an upcoming trip, and I missed my additional entry, but I can’t complain too much about hitting a monster trade like this over the week and not babysitting it.

My Trade Details:

  • RIOT Apr 28 2023 $13 put near $1.30
  • Stop: Close above $14
  • Target 1: $11
  • Target 2: $10

My Reasoning:

Now for this week, I am going after another stock to the short side.  While I still think the whole market is due for a pullback, I find the timing impossible to figure out.  

When it comes to crypto right now, I am seeing all the signals of a short-term top. I would be shocked to see higher prices than we saw last week anytime soon, before we have a meaningful dip.

There are a lot of ways to bet against crypto right now, but my top idea this week is to buy puts on RIOT.