Back to Show My Thought Process after being Wrong.
Updated
The last post I had posted about a soon-to-be Bullish flip, but we took actually the opposite course of action and took a bearish flip into the MA Resistance. It seems we have matured a bit and have bounced off of our MA Resistances. We SHOULD (forward-thinking) be looking at our Moving Average Lines here and see plenty of support for at least upward movement into the next weeks.
I will be updating this post into next weeks with hopes we are done with our bearish run as of late. Bitcoin has sat on its throne at this point and shows that its value and use cases as a store of value at this point is too invaluable to get left in the dust. We haven't even begun the adoption of Bitcoin. When the WSB degens get a hold of Bitcoin and not
GME we will see 50k then 100k. With MARA just purchasing $150 million worth of Bitcoin we should see a very very good quarterly report and great news ahead.
Ethereum's gas fees as of late shows how the
ETH blockchain use cases can only be taken so far on the current market. Investors will begin to question why they are paying $100-$200 just to transfer tokens around on the ETH blockchain. I was a hardcore supporter of ETH as a secondary coin and still am, however, a model that shows the more transactions the higher the fee, just does not seem correct for ETH to grow its userbase. ETH2.0 will bring a whole new experience, and set of challenges.
Bitcoin is reigning as the King of Coins and store of value. MARA is the son of this Bitcoin project and has not caught up to the inflation of Bitcoins price. If MARA can show this early that they are able to turn a profit or at least get close, the whole market will be on watch not just the Bitcoin lovers.
I will be updating this post into next weeks with hopes we are done with our bearish run as of late. Bitcoin has sat on its throne at this point and shows that its value and use cases as a store of value at this point is too invaluable to get left in the dust. We haven't even begun the adoption of Bitcoin. When the WSB degens get a hold of Bitcoin and not
GME we will see 50k then 100k. With MARA just purchasing $150 million worth of Bitcoin we should see a very very good quarterly report and great news ahead. Ethereum's gas fees as of late shows how the
ETH blockchain use cases can only be taken so far on the current market. Investors will begin to question why they are paying $100-$200 just to transfer tokens around on the ETH blockchain. I was a hardcore supporter of ETH as a secondary coin and still am, however, a model that shows the more transactions the higher the fee, just does not seem correct for ETH to grow its userbase. ETH2.0 will bring a whole new experience, and set of challenges. Bitcoin is reigning as the King of Coins and store of value. MARA is the son of this Bitcoin project and has not caught up to the inflation of Bitcoins price. If MARA can show this early that they are able to turn a profit or at least get close, the whole market will be on watch not just the Bitcoin lovers.
Note
Heading into Monday I see one of two scenarios.Bull Case: Upward price action over our orange line to threaten our red downward resistance will seriously put this stock in another position to tumble for a few days, but would be healthy to mark new entry investors even in the current sideways pattern.
Bear Case: Futures already down for market open has me cautious that we could see MARA open with a drop as it is usually the case to see Bitcoin take a drop if futures do as well. I will keep an eye on early movement as that usually dictates the daily highs and lows.
Note
Here we are on close Friday as we traded within our resistance this week. Overall correction seems due, but Bitcoin doesn't usually see such big corrections when these Stimulus checks keep getting announced. I think we could see an overall push upward soon. Buy orders since the beginning of Jan seem to be taking a break which can be a major reason for this stock wading in the middle of the ocean right now. Any attempt to break downward resistance has been met with some steep drops in regards to the daily movements.
We have seen a few major sell points looking at our chart above, but very few major buy volume candles since 08 Jan. which we are approaching a month out from that date dropping about $5 since then which equates to about 1/5th of the overall share price. This coincided with a Direct Price Offering of $20 to fund Bitmain Miners and a ton of sideways and downward pressure from Bitcoin itself.
Moving Averages are coming in to help with upward pressure however, a flip under our MA or a major sell off could have this stock tumble.
Note
We are FLOATING be careful here, but definitely great gains so far. Mostly backed by Tesla announcing 1.5 billion in BTC for 11% of their cash reserves that they take full responsibility for volatility in value. Great news for BTC and of course all BTC related stocks today. If you saw this at morning and bought before big news hit congratulations, if not this only notches 1 victory with many more to go.Note
Also update, I nailed this chart to the mf candle. Show some love lol.Note
I was RIGHT! jk. but that chart looks nice.
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