MARA not happening (Short)

11 mars

With the recent rise of BTC you’d think that the miners would move in tandem, one of the problems with the miners is that after the halving their job is going to get 2x harder. As you can see from the recent price action it hasn’t been a good play if tracking the price against BTC.

On the 1d chart MARA looks like it’s in the latter stages of a head and shoulders pattern, H&S is a bearish pattern possibly indicating further downward movement. Even though the H&S hasn’t confirmed I wouldn’t be a buyer here.

Taking a fib from the Dec 2022 los to recent high puts the 0.618 (Golden pocket) at around 15, adding a 200 EMA to the chart adds an interesting level we could see a small bounce from (around 16.27) before possibly heading lower. Confirmation of H&S points towards the 0.786 (sub 10) to a support level around 7.22.

Retracement levels, 16.27, 9.74, 7.22

13 mars

Note

Another day, another red daily candle. I expect more selling tomorrow, possible selling down to support at around 16.30. We could see a small bounce around the 200 moving avg before continuing it's decline.

13 mars

Note

Unconfirmed bear flag, flagpole starting Mar 11, 2024. Each day this crabs sideways reinforces bear flag pattern.

20 mars

Ordre annulé

I would now consider this short invalid or close to invalid.