Pumping hard but this is just the beginning.
Enjoy 👍🏻.
Not advice
Enjoy 👍🏻.
Not advice
Comment:
MARA not doing much today but other miners are having a GREAT day.
We have done analysis on those and that is more content than I have to share on TV.
But you can know that this means there is more chance MARA can hold this area.
Its still not impossible that the miners are in an extended correction so we will simply let price develop but if it continues to hold then it is looking good.
It is however interesting to see that MARA is starting to show some weakness against other miners and we'll be looking at that in more detail.
Perhaps the markets are now revealing that not all is entirely rosy with this stock and we want to be adding positions to the strongest miners for the bull market.
MARA will do well I think but there is the possibility it may start lagging behind others.
We have done analysis on those and that is more content than I have to share on TV.
But you can know that this means there is more chance MARA can hold this area.
Its still not impossible that the miners are in an extended correction so we will simply let price develop but if it continues to hold then it is looking good.
It is however interesting to see that MARA is starting to show some weakness against other miners and we'll be looking at that in more detail.
Perhaps the markets are now revealing that not all is entirely rosy with this stock and we want to be adding positions to the strongest miners for the bull market.
MARA will do well I think but there is the possibility it may start lagging behind others.
Comment:
Chart below is MARA / RIOT
Bitcoin mining stocks could be close to finding a low, but its worth noting that MARA is down 27% in a month against RIOT and 63% over the last year.
These charts are very volatile and MARA could yet make a solid move up against RIOT but it looks like a 3 wave continuation pattern may have completed and if MARA breaks the low then it may be heading into another wave down.
This is something to keep an eye on - it looks bearish here and could do with a recovery soon if it will hold this area.
This is a good example of why it is important to diversify.
If this continues I may sell a chunk of my MARA and throw it into the other miners / crypto stocks but we'll see how it develops 🤨.
More detail in tomorrows video.
Bitcoin mining stocks could be close to finding a low, but its worth noting that MARA is down 27% in a month against RIOT and 63% over the last year.
These charts are very volatile and MARA could yet make a solid move up against RIOT but it looks like a 3 wave continuation pattern may have completed and if MARA breaks the low then it may be heading into another wave down.
This is something to keep an eye on - it looks bearish here and could do with a recovery soon if it will hold this area.
This is a good example of why it is important to diversify.
If this continues I may sell a chunk of my MARA and throw it into the other miners / crypto stocks but we'll see how it develops 🤨.
More detail in tomorrows video.
Comment:
To remind the $637 target is a Fibonacci extension taking the high and low pivots of the previous bear market.
If the asset is healthy then the bear market can itself be a connective wave that we can project a 1.618 (phi) extension for the next wave up.
Of course it may not get there if the company runs into trouble.
There is a similar projection for the other Bitcoin mining stocks.
If the asset is healthy then the bear market can itself be a connective wave that we can project a 1.618 (phi) extension for the next wave up.
Of course it may not get there if the company runs into trouble.
There is a similar projection for the other Bitcoin mining stocks.
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But the wild 30% pump now appears to be a connective wave and so it is now into the third wave of a 3 wave correction.
And so considering it is a 3 wave correction see which extension ratios are most likely.
With trends the sting is often as the expression implies in the tail and they often conceal the bite until the 3rd and last wave of the correction.
If you read your Elliott Wave book it will describe this in "Wave Personalities."
As we looked at there is a lot of accumulative price volume in this area that will mean price is currently hitting a lot of buy pressure.
But this trend is collapsing fast to print an aggressive shakeout pattern and this reveals that the third wave may have some legs to move further down.
So we'll probably know more over the next few hours and days as whether MARA maintains this pace or whether it gets caught up in correction.
If it gets caught up then the most likely extension ratio will be the weaker 1:0.618 Golden Window ($9.25 - $8.28).
But if it maintains the trajectory then it could get back to the 1:1 ($7.19 - $6.59.)
I think the weaker 1:0.618 is still somewhat more likely for all the reasons we have looked at regarding accumulation, volume and moving averages.
The 200 day MA ($9.54) and also 50 week MA ($9.63) are just before this GW that are liquidity landmarks that will increase buy pressure once crossed and potential for bullish shakeout patterns
But because of this change of pace we now have a wide price band to consider.
So for now we'll see how this day and the next few days close and we can consider more what may happen next.