Long

$MARA capitulation, then strong bounce to new yearly highs?

Updated

I've been tracking the movement of very closely over the past few weeks as I think the setup will end up being one of the best possible trades over the next month or two.

I originally turned bullish on it a bit too early last week, but the chart has become clearer over the past week or so as it hasn't been able to gain any strength.

From here, I think we'll see a capitulation in price over the next week going into the lower support area (buy zone).

From there, I think we'll see a very strong upside move in September that pushes price all the way up to the upper resistance (sell zone).

If you're able to trade it perfectly, it would setup a potential return of somewhere between 2x-3x (hence why I think it's one of the best trades).

Let's see if it plays out.

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Based on the move yesterday, I don't think we see another low.

Instead, we should just head towards the upper target.

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Based on the move today, this chart still has the possibility of being correct. Let's see what happens.

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If price holds here around $10-10.25, should just head higher.

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Welp didn't hold, so still the possibility of this outcome. Next levels down $9.17, $8.73, and then this zone

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Looks like this will end up playing out. Buy area approaching

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Bought the $8.30 level

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Now bought a good amount of $10 calls for Nov 17th

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We did get the bounce this week as expected. Now next challenge is to make it over that $8.34 resistance, then back above $10

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The end of the gray box was a pivot that looks to be the bottom of the move. Price action looking positive now closing above $8.34. Price action should remain positive in the coming weeks. Next stops $10-12, then $15, $19, $25 and then upper targets.

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For those that followed me on the calls, you should now be up 300%+ and price is in the money. I plan on continuing to hold these. Price could correct here, but I think we should eventually see higher prices before expiration.

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With my options expiration coming up in a couple of weeks, I'll likely exit my position if we see a move to $12-$13 next week.

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I ended up cutting my calls/longs yesterday. I don't want to take the risk of MARA going back to $6.84 before bouncing.

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Loaded some risky calls here. Bought 30 $9.50 strike 11/10 expiration when price was at $9.47.

Looking to exit tomorrow, hoping we see a move between $11-$12.

Again, super risky, wouldn't recommend, but taking a chance on this back test of support.

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If we open in the $9 range, I'll likely take profits at $10.02 should we see it.

if we open above $11, then I'll be very happy.

I tend to think that this move is going to get faded though tomorrow -- hence why I was cautious going into earnings.

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If it does get above $11, I'll get out at $11.27.

Those are the different scenarios if we open with upside.

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One last scenario after relooking at the charts. BTC just retested a previous resistance as support, if it breaks out towards overnight, then MARA could have a massive run tomorrow towards $13-$14.

That's the final scenario.

Wish everyone luck with their trades.

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Welp so far not working out. I expect the bottom of this move to be around 8.76ish - that's why I got out of my spot positions.

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Update here:

benjihyam

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