Long

46 by May 2024

Updated

MARA has been accumulating for a long time now. We saw a sign of strength with the last pop to 31, and then a retest/higher low. Now its gearing up to markup to 46 by end of April 2024.

- Breakout level is 21
- Initial target = 35-38 by early March 2024 (before earnings)
- Watch out for possible resistance around 25-27, but should break through it easily
- After initial target is hit we will see a small pullback before running to 46 (goal target) by May 2024.

~The black arrow/path is my forecast to initial target.

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Entered calls.

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lookin' real good. Don't sell until initial target hits.

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The red funnel is selling pressure, so that is the main resistance MARA needs to clear on the way to targets. The green funnel is buying pressure. 2 scenarios I could see it taking to clear this:

1) gap it - catalyst FOMC market likely going to rip and make blowoff top, or some BTC or other catalyst (I don't base any trading off events, only the chart)
2) pullback to test dashed purple and grey line that we just broke out of for support, small reaccumulation phase in this 24-27 are, and then bust through it in line with buying pressure

If Scenario 2 I'll be adding

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Looks like we got both scenario 2 and then scenario 1 - gave the discount then gapped. Sweet

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Still trying to clear the selling pressure (red funnel). It will do it next week, otherwise take caution - don't want to get trapped in that funnel

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Should keep following the black arrow higher - that is my forecast and price is respecting it pretty well.

JerryManders

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