$CLSK / 4hNASDAQ:CLSK has worked marching in place in the last 3 days, closing the week by 20% decline as well and it seems to have poised for further decline over the few coming weeks.
>> The following decline towards the Fib-extension level surrounding 6.26 lies ahead.
And also an ultimate target might be around >> 5.92, where Minor degree wave B will achieve the 1.38 Fib retracing level of the expanded diagonal wave A, with respecting an expanded flat correction as the ongoing wave (X).
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CLSK trade ideas
$CLSK / 4hAs depicted well on this 4h frame, NASDAQ:CLSK would be likely poised for further decline which will achieve the Fib-expansion level at 6.26 where the ongoing wave ((y)) equals the same degree wave ((w)). And so it should be hold under the early-Feb high at 12.47, during the remaining process of current decline that might be over probably in late March.
>> The further target is 5.92 ( Not expected to me! )
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$CLSK / DailyThe continuing decline in NASDAQ:CLSK and exceeding 100 percent of diagonal wave A would suggest to morph into an ABC flat formation as the ongoing correction in wave (X), instead of the previous ABC zigzag. So the Minor degree wave B of (X) would remain in its late stage, and continuing to decline in its wave ((y)) is expected in few weeks ahead.
>> Wave B of a flat formation usually retraces between 100 and 138 percent of wave A. But in this case the entire wave structure implies to be ending the current decline NOT to extreme low. So the expected target would be pointed well above the Fib expansion level at 6.26.
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$CLSK / 4h
The anticipated market selloff in NASDAQ:CLSK today, may have ended entire expanded flat correction as wave ii(circled). And so starting to turning the trend >> UP as early as coming week is expected now.
Redline >> Exceeding the December low at 9.02, would open the wave structure to differing interpretations.
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$CLSK / 15mIt seems that an ending diagonal is expanding as final decline on wave (c).
Based upon this wave analysis a final decline in the diagonal's 5th wave
in a three-wave structure is expected as well. And it might be very soon, in coming hours.
>> Red Line >> Exceeding 10.28 would indicate to turning the trend to UP!
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$CLSK / HourlyThere is no change in NASDAQ:CLSK 's wave/ trend analysis in hourly frame. The ongoing flat correction in Minute degree wave ii (circled) might be over this week.
Decline of the 5th wave of impulsive wave (c) will likely continue to finding the support surrounding 0.786 retracement level and the expected target remains intact at 9.66.
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$CLSK / 4hThe bullish diagonal in Minute degree wave((i)) of C, would likely lead to an impulsive advance in the same degree third wave of ongoing wave C. The rally of wave ((iii)) will achieve the Fib expansion level at 16.66 (+56%).
The correction in wave ((ii)) seems to be ended at 9.97 and it could be taken shape in a running flat.
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CLSK - not yet….It does seem like that is a bear flag formation and that we are in wave C corrective.
There is also a line of stop losses which looks like a plausible reason for the market to run through those stop losses under each low.
The market has also failed to break above resistance so far and it would therefore be risky going long now as we are in the middle of a range with no clear sign of wave C having been completed.
I therefore think it is best to sit on the sidelines and see if the market moves according to the plan.
The trade is 1:33 targeting 53.86.
Trading rating 7/10
Chance of success if it moves as shown to entry 6/10
Risk to reward 8/10
$CLSK has the potential for more than 17% growthCleanSpark, Inc. (CLSK) is a company operating in the software industry, focusing on energy solutions and Bitcoin mining. Below is a technical and fundamental analysis of its stock, along with an assessment of its growth potential.
Technical Analysis
The stock has experienced a 3.51% increase over the past week but has seen a 6.78% decline over the past month.
Technical indicators present mixed signals. The Relative Strength Index (RSI) is at 45.84, indicating a neutral position. The Moving Average Convergence Divergence (MACD) shows a value of -0.22, suggesting a potential bearish trend. However, the Average Directional Index (ADX) is at 11.87, which is relatively low and may indicate a weak trend.
Resistance levels are identified at $12.48 in the short term and $17.63 in the mid-term, while support levels are at $9.21 and $8.09, respectively.
Fundamental Analysis
CLSK has a market capitalization of approximately $2.93 billion, with trailing twelve-month (TTM) revenue of $378.97 million. The company reported a net loss of $149.20 million, resulting in a TTM earnings per share (EPS) of -$0.69. The forward price-to-earnings (P/E) ratio is 5.33.
STOCKANALYSIS.COM
Analysts have given CLSK a "Strong Buy" rating, with a 12-month average price target of $22.71, representing a potential upside of approximately 100% from the current price.
STOCKANALYSIS.COM
The company's financial health is considered average, with concerns regarding profitability. However, CLSK is experiencing strong growth and is valued neutrally, which is viewed as a positive combination.
CHARTMILL.COM
Growth Potential
Given the analyst price target of $22.71, CLSK has the potential for more than 17% growth from its current price. The company's involvement in Bitcoin mining positions it to benefit from favorable cryptocurrency market conditions. However, investors should be mindful of the inherent volatility in both the cryptocurrency market and CLSK's stock.
Conclusion
CLSK presents a mixed technical outlook with promising fundamental growth prospects. The potential for significant appreciation exists, but investors should carefully consider the associated risks and market volatility.
$CLSK / 3hNASDAQ:CLSK should likely have started a rally in impulsive wave ((iii)) of C.
>> It seems that correction in wave (ii) extended in a double zigzag and exceeded its target at 9.66. So the fib target for the third wave of ongoing wave C adjusted to 16.00 as well.
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$CLSK / DailyNASDAQ:CLSK
On the possible ABC zigzag as wave (X), it looks its Minor degree wave C should be still in progress towards 20.16 where wave C = wave A.
Finally >> the ongoing wave (X) will be likely followed by a decline in Intermediate degree wave (Y).
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Crypto Miner CLSK longterm patternBullish "march" if all factors hold true?
ie NVDA look weak-ish.
Falling yields would be nice.
Trump told his crypto team to investigate BTC reserve question within 100 days. That's now around April.
www.investing.com Markets pricing 1st rate cut around June.
Look into longterm macd potential.
$CLSK / 3hNASDAQ:CLSK on this hourly frame,
I depicted Minor degree wave A as an expanded leading diagonal which it's followed by a zigzag retracement of 78.6%, and the same second diagonal in Minute degree wave ((i)) that it's followed by a zigzag retracement of 78.6% as well. Exactly same! just like fractals.
So, potentially for now a rally in an impulsive third wave of ongoing wave C is well expected.
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$CLSK / WeeklyNASDAQ:CLSK
The leading diagonal as Primary degree wave ((1)) should be still correcting down in
(W)(X)(Y) as a double zigzag wave ((2)).
The Minor degree wave C of (X) looks to be in progress in coming weeks.
( towards 20.17 where wave C = wave A)
Finally >> The ongoing wave (X) will be followed by decline of wave (Y).
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$CLSK / DailyNASDAQ:CLSK
On the ongoing double zigzag correction((W)(X)(Y)), the wave (X) would be likely in progress.
After its corrective wave B (in a zigzag retracement of 78.6%), now rally in its wave C looks well ongoing towards 20.16 ( where wave C = wave A ).
Finally >> The ongoing wave (X) will be followed by decline of wave (Y).
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$CLSK / WeeklyNASDAQ:CLSK in a bearish view,
the leading diagonal in wave ((1)) would be in middle of the correction in wave ((2)) that looks to have expanded in (W)(X)(Y) formation as a possible double zigzag.
For now rally in wave (X) towards 20.17 should be in progress that will followed by decline of wave (Y).
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