MARA 3/9/2022MARA
Ugly chart. Looks like another one of these “pump and dump” chart
MARA broke out and went into an Uptrend late Nov.’20.
Price pumped from Mid 4s to 57.50 between Nov.’20 to Apr.’21 while being supported by 50ema
Price then came crashing from 57.50 thru the 50ema and found support from 200ema and 20.00 area.
Price from there bounce to previous highs of 57.50 and made a parabolic move from there to All-time highs of 83.38.
The parabolic move was unsustainable and turned out to be a false breakout. Price came back crashing thru support of 57.50 and all the way back down to 20.00 area.
We also had a death cross of the 50 & 200emas when price crashed thru previous support of 57.50
We now have a descending triangle at support forming under the 50ema.
We are currently at the descending resistance of the triangle.
MARA enjoyed an uptrend, but we have been moving sideways since about May 2021.
Price tried to make higher highs and all-time high and succeeded but the move turned out to be a false breakout.
It has also been unable to hold both Support and Dynamic Support levels. This is current display of strength from the Bears in current side-ways range.
Price is currently making higher lows into major support level all while rejecting the 50ema. The Bears once again displaying their strength.
With all the bear strength mentioned above, I believe the bears will break thru support and MARA will enter downtrend.
Price currently finds itself at resistance level of descending triangle. This is an area of value and my cue to enter trade.
Entering trade short.
Entry: 25.89
Stop Loss: 29.39
Target: 10.00- +61.27, 4.43 RR ratio
