Mara is continuing the move down to find a bottom. Notice in the past when Mara has found a bottom on the 5- day time frame and how price crosses the 5- day SMA/EMA, during the bottoming phase.
I have identified an ABC based on my Elliot wave analysis and I’m definitely not and Elliot wave expert but that count makes sense. The C wave will finish as a 5 wave down and I have identified two likely targets. However, Elliot wave is just for forecasting and decisions must be made on the price action. I the past and in similar situation, MARA candle stick formations tend to provide early clues of a bottom formation.
The orange dash line is approximately $10.78 and there could be a bounce there. It also lines up with the downward sloping channel. However; crypto miners tend to always goes to extremes and that is why the target are identified and align with fib retracement and projections. Once all indicators align a trend change will commence but now is not a good time to be buying for a longer -term positions
The link is the one month chart, which shows indicators are moving down, with the indicator below the volume has crossed the 50 line
I have identified an ABC based on my Elliot wave analysis and I’m definitely not and Elliot wave expert but that count makes sense. The C wave will finish as a 5 wave down and I have identified two likely targets. However, Elliot wave is just for forecasting and decisions must be made on the price action. I the past and in similar situation, MARA candle stick formations tend to provide early clues of a bottom formation.
The orange dash line is approximately $10.78 and there could be a bounce there. It also lines up with the downward sloping channel. However; crypto miners tend to always goes to extremes and that is why the target are identified and align with fib retracement and projections. Once all indicators align a trend change will commence but now is not a good time to be buying for a longer -term positions
The link is the one month chart, which shows indicators are moving down, with the indicator below the volume has crossed the 50 line
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.