$MARA Reclaims Support On Ascending Triangle
Updated
MARA has reclaimed support on the lower bound of the ascending triangle pattern that has been developing since mid April. MARA gapped down 5% at open most likely due to a sell off caused by an almost equal 4.5% dip in BTC overnight. A swift reclamation of the lower bound accompanied with high volume suggest that the pattern is still in play. The top and bottom bounds of the triangle are also narrowing, which is exactly what we want to see in regards to an upwards breakout. If volume stays heavy tomorrow we could definitely see a test of that upward bound with a breakout likely if it does.
Note
Price tapped the upward bound with a shadow but failed to generate any momentum to breach it, resulting in price retracting back to the lower bound. The lower bound of the triangle will have to be redrawn to accommodate the slight dip below, but the pattern still looks to be in play.
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