Bitcoin Miners Update - CIPH, CLSK, MARA & RIOT
Cleanspark Inc - 
CLSK
$1.5 Billion Market Cap
✅Trade remains open in 39% unrealized profit
(average DCA of $5.85)
✅ The Volume on this chart is exceptional and really adds to my conviction. I may double down with another buy if we get down to the 200 day MA.
🚨 I have raised the stop from $4.50 turning it into a 23:1 risk reward. Raising as 23% below current 200 day MA is enough IMO.
A lot people see the recent pull back as a reason to deleverage, this is where I trade differently, its a long term position. The short term volatility will either allow me to get another decent discount buy in or sink deep enough to cancel out the trade. This is how we can gain a full long term bullish trending move with exponential upside. The risk is 23% or not taking the risk and not remaining patient having taken it.
Cipher Mining -
CIFR
$0.83 billion market cap
✅Trade remains open in 9% unrealised profit
✅ Look at that volume increase. It’s a beautiful thing. It reassures us that there is significant green buying rushing into this stock & hints that we on the right side of the trade
🚨 I have raised the stop from $1.77 to $2.16 turning it into a 7:1 risk reward.
- Raising the stop as there is plenty of support above it that should hold from recent lows, H&S baseline and diagonal support line. If all these are lost, cutting losses would be ideal.
Like most of my trades, they require a little more patience and a distain for intermittent short term volatility.
Marathon Digital -
MARA
$4.22 Billion Market Cap
❌Our stop was triggered on the last trade at @ $7.66 with a notable 30% loss. Subsequently this was exactly were price bounced. The original position size was very small so its not end of the world stuff. In the end the stop was too high, we should have place it just a tad lower but…this happens and that’s trading. All the other trades are in profit and fully cater for this loss. Without these rules id be broke. I consider it a necessary loss. I didn’t want more than the 30% limit lost so, that was my risk tolerance for the position size.
Onto the front foot what do we do next?
✅ I set a bid at $14.31 where i think we may get a bounce from the 200 day SMA
✅ You could enter right here for the potential head and shoulders baseline bounce. I could consider that but if but it would be watched like a day trade. I'll just see how tomorrow goes first. The bid is at $14.31 for now.
🚨 I am allowing for a 30% loss again with a stop @ $4.41 however I am starting with what was left after the last loss, 70% of my original position and I'll be watching this a lot closer.
I actually love these trades because they teach you something, you realize the small position size and the 30% loss was within your tolerance, enough so that you can come back at the trade again and with exponential potential returns the prospect draws you in once again. The risk reward is there. Alternatively, you could just DCA into these and for years through thick and thin, BUT again, position size should be tolerable for you to patiently sit on your hands and let the trend take shape.
Riot Platforms
RIOT
$2.42 Billion Market Cap
▫️ No position open in RIOT yet as it appears to be the weaker of the charts we have looked at.
▫️ In our last post we noted volume is declining which is negative and the RSI was not yet oversold. We noted both of these could mean more sideways or price declining action. Since then we have actually increased and hold a 30% higher position from $9.13 - $11.73 however price is dropping fast and has not managed to break out of the pennant. I believe this demonstrates relative weakness to the other charts noted.
▫️ We are still forming midterm pennant (dashed lines). A break out of this pennant would be an a good signal on direction.
▫️ Strong Historic Price Support between $8.50 and the POC at $7.40 (green bar). If you were going to risk a trade here, Id be playing off the lower end with a tight stop.
▫️ We are falling below the 200 day SMA (Not Ideal with pennant over head resistance).
Now don't get me wrong, RIOT will likely rise like the other miners, however at presentCLSK is showing significant relative strength having broken out of its pennant , well above its 200 day MA and sitting in 40% profit. On the contrary, we have strong support for RIOT at c. $9.00 which could present an opportunity. We noted $8.50 as a good level last post, in the end price bounced from $8.61. We cant be too greedy.
Summary
The clear winner is CleansparkCLSK with a moderate market cap of $1.5 billion and a chart demonstrating relative strength with us sitting in approx. 40% profit.
The MARA chart is demonstrating strength and may provide a great opportunity as instructed above however the market cap of $4.22 Billion clearly out sizes CLSK and may mean a slower rise or growth potential. MARA actually mined a record 1,852 BTC in Dec 2023 and have increased BTC Reserves have increased from 12,964 to 15,174 as of Dec 2023. Theses are incredible numbers.
Tomorrow I will look at a comparison of how each of these miners are performing in terms of rigs active, reserves held and BTC being mined.
PUKA
CLSK$1.5 Billion Market Cap
✅Trade remains open in 39% unrealized profit
(average DCA of $5.85)
✅ The Volume on this chart is exceptional and really adds to my conviction. I may double down with another buy if we get down to the 200 day MA.
🚨 I have raised the stop from $4.50 turning it into a 23:1 risk reward. Raising as 23% below current 200 day MA is enough IMO.
A lot people see the recent pull back as a reason to deleverage, this is where I trade differently, its a long term position. The short term volatility will either allow me to get another decent discount buy in or sink deep enough to cancel out the trade. This is how we can gain a full long term bullish trending move with exponential upside. The risk is 23% or not taking the risk and not remaining patient having taken it.
Cipher Mining -
CIFR $0.83 billion market cap
✅Trade remains open in 9% unrealised profit
✅ Look at that volume increase. It’s a beautiful thing. It reassures us that there is significant green buying rushing into this stock & hints that we on the right side of the trade
🚨 I have raised the stop from $1.77 to $2.16 turning it into a 7:1 risk reward.
- Raising the stop as there is plenty of support above it that should hold from recent lows, H&S baseline and diagonal support line. If all these are lost, cutting losses would be ideal.
Like most of my trades, they require a little more patience and a distain for intermittent short term volatility.
Marathon Digital -
MARA $4.22 Billion Market Cap
❌Our stop was triggered on the last trade at @ $7.66 with a notable 30% loss. Subsequently this was exactly were price bounced. The original position size was very small so its not end of the world stuff. In the end the stop was too high, we should have place it just a tad lower but…this happens and that’s trading. All the other trades are in profit and fully cater for this loss. Without these rules id be broke. I consider it a necessary loss. I didn’t want more than the 30% limit lost so, that was my risk tolerance for the position size.
Onto the front foot what do we do next?
✅ I set a bid at $14.31 where i think we may get a bounce from the 200 day SMA
✅ You could enter right here for the potential head and shoulders baseline bounce. I could consider that but if but it would be watched like a day trade. I'll just see how tomorrow goes first. The bid is at $14.31 for now.
🚨 I am allowing for a 30% loss again with a stop @ $4.41 however I am starting with what was left after the last loss, 70% of my original position and I'll be watching this a lot closer.
I actually love these trades because they teach you something, you realize the small position size and the 30% loss was within your tolerance, enough so that you can come back at the trade again and with exponential potential returns the prospect draws you in once again. The risk reward is there. Alternatively, you could just DCA into these and for years through thick and thin, BUT again, position size should be tolerable for you to patiently sit on your hands and let the trend take shape.
Riot Platforms
RIOT$2.42 Billion Market Cap
▫️ No position open in RIOT yet as it appears to be the weaker of the charts we have looked at.
▫️ In our last post we noted volume is declining which is negative and the RSI was not yet oversold. We noted both of these could mean more sideways or price declining action. Since then we have actually increased and hold a 30% higher position from $9.13 - $11.73 however price is dropping fast and has not managed to break out of the pennant. I believe this demonstrates relative weakness to the other charts noted.
▫️ We are still forming midterm pennant (dashed lines). A break out of this pennant would be an a good signal on direction.
▫️ Strong Historic Price Support between $8.50 and the POC at $7.40 (green bar). If you were going to risk a trade here, Id be playing off the lower end with a tight stop.
▫️ We are falling below the 200 day SMA (Not Ideal with pennant over head resistance).
Now don't get me wrong, RIOT will likely rise like the other miners, however at present
CLSK is showing significant relative strength having broken out of its pennant , well above its 200 day MA and sitting in 40% profit. On the contrary, we have strong support for RIOT at c. $9.00 which could present an opportunity. We noted $8.50 as a good level last post, in the end price bounced from $8.61. We cant be too greedy. Summary
The clear winner is Cleanspark
CLSK with a moderate market cap of $1.5 billion and a chart demonstrating relative strength with us sitting in approx. 40% profit. The MARA chart is demonstrating strength and may provide a great opportunity as instructed above however the market cap of $4.22 Billion clearly out sizes CLSK and may mean a slower rise or growth potential. MARA actually mined a record 1,852 BTC in Dec 2023 and have increased BTC Reserves have increased from 12,964 to 15,174 as of Dec 2023. Theses are incredible numbers.
Tomorrow I will look at a comparison of how each of these miners are performing in terms of rigs active, reserves held and BTC being mined.
PUKA
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