SummaryRIOT has pulled back sharply from recent relative highs.There's decent support just above $6.For now, the valuation is a bit too high and revenue estimates continue to suffer.It seems like everywhere you look, there’s weakness in this market. It’s been tough out there, and let us not forget that September is a seasonally weak period in equity markets. Risk-off behavior has been the name of the game for most of 2022, and that’s certainly true right now. There are few groups that exemplify risk-on behavior more so than Bitcoin miners, as they are tremendously volatile, and make huge moves in both directions. One such miner is Riot Blockchain (RIOT), a stock that I think is in no-man’s land right now. Below, we’ll discuss some of the factors to consider if you’re looking to trade Riot.I last covered Riot back in May following Q1 earnings with a 'buy' rating. At the time, we hadn’t yet seen the full fury of this bear market, and while Riot has put in much higher prices since that piece, it’s put in some lower ones, too. The idea at the time was that Bitcoin was trading at support, and the valuation of Riot was cheap. Bitcoin has subsequently made lower lows on panic selling during the summer, and Riot’s valuation has moved around a bunch. Let’s take a look at these factors and more below with the knowledge of another four months of price data. StockChartsThis is the daily chart of Riot, and we can see the stock has done qu...
