A few different ways looking at the chart, I see the same conclusion, that after a small rally to catch up with the price action of BTC, CLSK will get one more leg down before the big move up (Wave 3). The current bounce is quite wishy washy and there's also a H&S for the sake of classic TA fans.
How can we explain the decline in correlation between BTC price and Miners on this latest push from the BTC price vs a surprising drop for companies like CLSK.
BelaK
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@Sashnitz, I have been thinking about that too and the only idea I got is that miner buyers are not yet 100% sold on the idea that BTC will go up reliably. So I think there's a delay between the two. OR BTC hasn't bottomed yet. This is why I am going to exit at the next leg up on miners and wait for more confirmation.
@max69 all miners acted similarly, they ALL dilluted at the same time?
ktaba
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The halving reducing margins. BTC needs to be 50k. Plus all the dilution recently. Stay long, if you, like me, believe BTC is going to an all time@High!
BTC-WHALE
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The best way I can explain what’s going on with the miners is the following and this is my opinion from my own analysis: the markets are more educated when it comes to miners and so they know that after the next halving the average cost per coin or the all in cost of producing one coin will double for most miners as the reward will get cut in half, this is what’s currently being priced in and why most miners seem to be de correlated from the BTC price, if the average all in CPC of BTC is between 25K-30K now then the markets are pricing in for the average all in CPC after the halving to be anywhere between 50k-60k, that’s why the moves in miners recently have been lack luster to say the least, in my opinion once we breach 45k-50K that’s when we will see the leverage return back to the miners and the really strong moves upwards shall resume….In any case a miner like CLSK is extremely undervalued to begin with and so it is a good long term hold and part of the reason why they are performing so well now compared tp the rest of the miners… My personal top 3 that I am holding for the long term are CLSK RIOT & MARA… they will outperform in the long run term, especially when BTC is trading north of 60K or higher, the only people in the world who will be able to get BTC for cheaper will be the miners once BTC is @ those price levels and grinding higher and so yes I still think even with ETF approvals miners will still outperform and be a layer 1 risk asset to BTC with about a 3X leverage to the upside, we just need to stomach the volatility from here to there, we’ve gotten through most of the pain and we are very close to the glory candles on BTC and BTC miners imo, best of luck NFA.
MyCryptoParadise_Nathan
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I'm constantly impressed by your depth of knowledge.
irina295
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Terrible prediction lol
BelaK
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@irina295, and what do you bring to the table? I still did 55% on this trade while YOU were sitting around waiting to make this comment. And also 120% on CORZQ. Maybe start contributing instead of yapping.