MARA two paths for MARA bullish in a mid-term
MARA weekly is currently in a falling wedge pattern on the weekly chart, which is a bullish pattern when broken. Although MARA could easily break out of the pattern next week, as Bitcoin and the overall market are expected to continue lower, it will be difficult for MARA to move in the opposite direction. The report at the end of the month may provide some direction, but any move will likely be short-lived as MARA tends to follow Bitcoin.
Volume is confirming the current price action and is bullish.
However, the price is below all major weekly moving averages, which is bearish.
The RSI is neutral, indicating no clear direction.
The MACD is more bullish than bearish.
Overall: MARA is currently in a bullish falling wedge pattern on the weekly chart. A breakout from this pattern could potentially launch the price towards at least the level of BigRed, which is around $14. However, considering the bearish predictions for Bitcoin and SPY, it may not be the best time to be overly positive about MARA breaking this pattern right away. In the mid-term, there is a high possibility of a new bull market for MARA, but it may not be the case at the moment. If MARA does break out of the falling wedge pattern, it could be an explosive move with high volume and the price could be difficult to stop before reaching the BigRed level on the weekly chart.
It is more likely that MARA will make a new low on the weekly chart, find support on the lower trend line from the falling wedge, and potentially form strong bullish divergences. This would set the stage for the price to move higher at a later time.
Volume is confirming the current price action and is bullish.
However, the price is below all major weekly moving averages, which is bearish.
The RSI is neutral, indicating no clear direction.
The MACD is more bullish than bearish.
Overall: MARA is currently in a bullish falling wedge pattern on the weekly chart. A breakout from this pattern could potentially launch the price towards at least the level of BigRed, which is around $14. However, considering the bearish predictions for Bitcoin and SPY, it may not be the best time to be overly positive about MARA breaking this pattern right away. In the mid-term, there is a high possibility of a new bull market for MARA, but it may not be the case at the moment. If MARA does break out of the falling wedge pattern, it could be an explosive move with high volume and the price could be difficult to stop before reaching the BigRed level on the weekly chart.
It is more likely that MARA will make a new low on the weekly chart, find support on the lower trend line from the falling wedge, and potentially form strong bullish divergences. This would set the stage for the price to move higher at a later time.
Comment:
breakout was on significant volume which is very bullish but now the volume is dropping and dropping. I would take out 50% of the position on this level!
Consistency is the key of success....