$MARA Consolidation and Bullish Reversal
After a substantial move down since the end of December 2023,
MARA
has closed with a bullish hammer on the daily chart. This comes with the price meeting a previous consolidation level from Dec 1 - Dec 13, seeing a lot of buying pressure from the S&P reaching new highs on Friday last week, and the
MARA
price finding support on the 200ma on the weekly chart. Looking at the daily chart, high (but declining) ATR, the RSI not being in oversold range, and the MACD not approaching a cross suggests that the price may consolidate for a while. The one thing that might drive the price down below the consolidation area is the market continuing higher, but retesting its previous weekly resistance, thus causing some selling pressure before
MARA
can break out upwards. Bitcoin's behavior and associated news of course affects the price action, however the general sentiment about BTCUSD seems high as we approach the halfing event in April.
MARA
has closed with a bullish hammer on the daily chart. This comes with the price meeting a previous consolidation level from Dec 1 - Dec 13, seeing a lot of buying pressure from the S&P reaching new highs on Friday last week, and the
MARA
price finding support on the 200ma on the weekly chart. Looking at the daily chart, high (but declining) ATR, the RSI not being in oversold range, and the MACD not approaching a cross suggests that the price may consolidate for a while. The one thing that might drive the price down below the consolidation area is the market continuing higher, but retesting its previous weekly resistance, thus causing some selling pressure before
MARA
can break out upwards. Bitcoin's behavior and associated news of course affects the price action, however the general sentiment about BTCUSD seems high as we approach the halfing event in April.
Comment:
It happened a little sooner than expected, but pretty spot on.
Comment:
Inverse head and shoulders formed. Could see $40 over the nest couple weeks.