MARA trade ideas
MARA downside theoryDisplayed weakness for some time now, thinking we get a sympathy bounce near this inflection point before ultimately resolving to the downside and revisiting the ~18/19$ low.
not financial advice. just charting out for internal tracking and reflection on first impression accuracy.
MARA is fuzzyFeel free to disagree with the channel lines, but this stock is subject to the crypto-related "noise" in the form of tweets and gov't regulations. In the short term, this stock looks like it will drift sideways or a little down before finding support. Then maybe another run, which could be facilitated by positive BTC news.
Just an idea- not financial advice.
MARA, be ready at 28Folks, I have used this title many times. it looks like that 28 is somewhat very important line for MARA.
Though Bitcoin is not looking good right now, but I think BIT would stay above 30K, psychologically speaking institutionals buy at this level, and I think MARA may re test 28 soon or even lower, but I see no danger ahead.
But if BIT resume the up trend MARA could go back to 50 in no time. WHY?
As long as BIT stay above 30K, MARA and RIOT are the only MAJOR plays left. And according to the chart, correct me if I am wrong, it is an up trend.
Other Chinese and Canadian miners are Shi... No judgments here, I have had many of them.
MARA is, at this stage, surprisingly STABLE, why? Because people HLOD MARA and RIOT. This is not valide assesment for other Bitcoin miners. I am pretty sure, that future bitcoin ETFs are and will BUY them regardless their prices.
PS. I owned MARA since 2.5; and I try to be as objectif as possible.
C&H or bullish island reversal patternI'm a long term $Mara bull. Here's my quick overview of the chart. I have two scenarios on Mara, one is a cup&handle and other is bullish island reversal pattern; link below for island reversal.
www.investing.com
FYI: Remember $Mara Correlates with BTC
Scenario #1 we fail the support mara fills the gap at 27 area, there I would scale into calls...
Scenario # 2 If Mara holds support with strong BTC sentiment, my PT is around 33-36-39 in the coming weeks.
Support A. 30.10
Support B. 29.15
Support C. 27.45
Support D. 26.96
Resistance A. 30.79
Resistance B. 31.50
Resistance C. 32.09
Resistance D. 32.90
Marathon Digital Holdings WeaknessMarathon is displaying one sign of weakness after another. It just broke out of its ascending channel, which disqualified both the lower bullish red RSI buy signals that we got recently, both on the hourly and the daily chart. This is bad news. Real bad. Especially so as it now leaves the daily RSI in a much weak position, one that paves the way for further drops to the downside.
Additionally, what we thought to be an initial ABC Elliott correction seems to rather be a 12345 correction. If Bitcoin were to drop down towards the low to mid 20 000s, then Marathon should stand a good chance of hitting its 5th wave target around the horizontal support at $14,00-14,50.
MARA, be ready at 28?Folks, this is a very objectif analysis. I think we all need to answer questions below to yourself before jump in.
In theory, we have entered a consolidation period, where 70% buyers are investor. We are at the Base 1 level.
Facing the new parabolic jump that we have here:
Do we have a clear break out? Is the trend changing?
Could it go to 28 for now?
Is this temporary and a Bull trap?
Is bitcoin fall will continue? 27K? Where Mara will be then?
We can expect a buy in between 23 to 20,with sopt loss at 19.
We are very close too recent over brought level.