$CleanSpark, Inc.(CLSK)$ $Marathon Digital Holdings Inc(MARA)$ $MicroStrategy(MSTR)$ $Riot Platforms(RIOT)$ $Hut 8 Mining Corp(HUT)$ 🚨🚨🚨 Bitcoin Takes the Plunge: $1000 Drop Hits Hard! Chart Levels Confirmed! 🚨🚨🚨
Kia ora Tiger traders!
Today’s $1000 Bitcoin drop on August 21st, 2024, came as no surprise if you’ve been following the charts closely. 📉 But let’s dive into the numbers and see how our trusted levels are stacking up against the latest analysis from TradingView, MarketBeat, and Yahoo Finance. Spoiler: Our chart is spot on! 🎯
Key Levels Confirmed:
• Current Price: Bitcoin is sitting around 58,706—just above a critical support zone.
• 🛡️ Critical Resistance at 61,145: Our chart’s resistance line holds strong! Analysts from TradingView have also identified this as a significant barrier where Bitcoin could face intense selling pressure. If we break through this, it could be game on for the bulls, but it’s a tough nut to crack.
• 🚀 Resistance Zone 59,500 - 60,000: Not far behind, MarketBeat highlights this range as another tough resistance area. Bitcoin has struggled here recently, and breaching it would need significant momentum.
• 🔻 Support Zone 57,115 - 57,862: This support zone has been echoed by Yahoo Finance as crucial to prevent a further dip. Holding above this level is essential to avoid cascading losses.
• 🛑 Strong Support at 52,000: This is our ultimate line in the sand. Breaking below here could signal a deeper correction and a more prolonged bearish phase, as noted by multiple sources.
NVIDIA’s Earnings & Bitcoin: The Bigger Picture
Now, let’s turn our attention to NVIDIA, whose upcoming earnings on August 28th, 2024, could have a major impact on Bitcoin. And guess what? The projections are looking strong! 💪
• Revenue Expectations: NVIDIA is projected to report a 211% year-on-year increase in revenue, reaching 28.544 billion. This incredible growth is fueled by high demand for their GPUs, particularly in AI and data centers.
• Earnings Per Share (EPS): Analysts are expecting an EPS of 0.64, with the consensus rating on NVIDIA being a solid buy.
• Goldman Sachs’ Take: Goldman Sachs is particularly bullish, expecting NVIDIA to not only meet but possibly exceed these expectations. They anticipate a significant reveal on how their AI chips are generating revenue for end-users, which could further boost investor confidence.
Given this optimistic outlook, NVIDIA’s performance could potentially provide some stability to the broader tech sector and even influence Bitcoin’s trajectory. However, if NVIDIA falls short, it might add to the current market turbulence.
🔍 Fun Fact: Historically, Bitcoin has seen some of its most significant price movements in August, leading into September. The current drop could set the stage for a volatile end to the month, so keep your wits about you, traders!
@TigerGPT: Given today’s sharp drop and NVIDIA’s upcoming earnings report, what are the potential scenarios for BTC in the short term? Should traders be bracing for more turbulence, or is a rebound on the horizon?
Hey Tiger Traders, how are you navigating this wild ride? Are you holding steady, buying the dip, or cutting your losses? And will NVIDIA’s performance next week be the catalyst for Bitcoin’s next move?
Happy trading ahead. Cheers, BC 🍀
@Tiger_comments @TigerStars @TigerPicks @Daily_Discussion @TigerWire @Tiger_Earnings
Comments
Here is an analysis of the stocks you mentioned:
CleanSpark, Inc. (CLSK):
Business and Industry: CleanSpark, Inc. is a software technology company that provides advanced energy software and control technology solutions. They offer a range of products and services for real-time energy optimization, microgrid modeling, and management systems.
Latest Earnings: In the second quarter of 2024, CleanSpark reported an EPS of -0.32. The company's gross profit margin was 56.60%, and its net profit margin was -226.92%.
Earnings Forecast: For the fiscal year 2024, CleanSpark has a forecasted EPS of 0.20 and a forecasted gross income of 384.30 million USD.
Capital Flow Analysis: The capital flow data for the past five days shows variable inflow and outflow trends.
Trend Analysis: The support price for CleanSpark on August 19th was 11.34 USD, and the resistance price was 16.84 USD. The current stock price is 11.485 USD.
Valuation Analysis: Analysts have forecasted a target price for CleanSpark, with a mean estimate of 25.6 USD and a low-high range of 22.0-30.0 USD. The analyst recommendation is 2 recommend, 3 buy, and 1 hold.
Marathon Digital Holdings Inc. (MARA):
Business and Industry: Marathon Digital Holdings Inc. is a digital asset technology company involved in cryptocurrency mining operations.
Latest Earnings: In the second quarter of 2024, Marathon Digital Holdings Inc. reported an EPS of -0.57. The company's gross profit margin was 72.24%, and its net profit margin was -92.03%.
Earnings Forecast: For the fiscal year 2024, Marathon Digital Holdings Inc. has a forecasted EPS of -0.44 and a forecasted gross income of 476.73 million USD.
Capital Flow Analysis: The capital flow data for the past five days shows variable inflow and outflow trends.
Trend Analysis: The support price for Marathon Digital Holdings Inc. on August 19th was 15.76 USD, and the resistance price was 21.66 USD. The current stock price is 16.2699 USD.
Valuation Analysis: Analysts have forecasted a target price for Marathon Digital Holdings Inc., with a mean estimate of 22.0625 USD and a low-high range of 17.0-27.0 USD. The analyst recommendation is 2 recommend, 2 buy, 5 hold, and 1 underperform.
MicroStrategy (MSTR):
Business and Industry: MicroStrategy is a business intelligence company that provides software solutions and services for analytics and data management.
Latest Earnings: In the second quarter of 2024, MicroStrategy reported an EPS of -0.72. The company's gross profit margin was 35.31%, and its net profit margin was -137.56%.
Earnings Forecast: For the fiscal year 2024, MicroStrategy has a forecasted EPS of 0.55 and a forecasted gross income of 687.41 million USD.
Capital Flow Analysis: The capital flow data for the past five days shows variable inflow and outflow trends.
Trend Analysis: The support price for MicroStrategy on August 19th was 135.2 USD, and the resistance price was 149.3 USD. The current stock price is 132.01 USD.
Valuation Analysis: Analysts have forecasted a target price for MicroStrategy, with a mean estimate of 43.4182 USD and a low-high range of 16.1274-185.0 USD. The analyst recommendation is 2 recommend, 5 buy.
Riot Platforms (RIOT):
Business and Industry: Riot Platforms is a digital currency mining company that focuses on Bitcoin mining operations.
Latest Earnings: In the second quarter of 2024, Riot Platforms reported an EPS of -0.32. The company's gross profit margin was 23.39%, and its net profit margin was -120.61%.
Earnings Forecast: For the fiscal year 2024, Riot Platforms has a forecasted EPS of 0.27 and a forecasted gross income of 396.70 million USD.
Capital Flow Analysis: The capital flow data for the past five days shows variable inflow and outflow trends.
Trend Analysis: The support price for Riot Platforms on August 19th was 7.81 USD, and the resistance price was 9.57 USD. The current stock price is 7.95 USD.
Valuation Analysis: Analysts have forecasted a target price for Riot Platforms, with a mean estimate of 17.45455 USD and a low-high range of 11.0-23.0 USD. The analyst recommendation is 3 recommend, 10 buy.
Hut 8 Mining Corp (HUT):
Business and Industry: Hut 8 Mining Corp is a cryptocurrency mining company focused on Bitcoin mining operations.
Latest Earnings: In the second quarter of 2024, Hut 8 Mining Corp reported an EPS of 0.19. The company's gross profit margin was 45.39%, and its net profit margin was 25.68%.
Earnings Forecast: For the fiscal year 2024, Hut 8 Mining Corp has a forecasted EPS of 1.77 and a forecasted gross income of 179.05 million USD.
Capital Flow Analysis: The capital flow data for the past five days shows variable inflow and outflow trends.
Trend Analysis: The support price for Hut 8 Mining Corp on August 19th was 12.17 USD, and the resistance price was 15.37 USD. The current stock price is 11.715 USD.
Valuation Analysis: Analysts have forecasted a target price for Hut 8 Mining Corp, with a mean estimate of 14.82489 USD and a low-high range of 10.22346-22.0 USD. The analyst recommendation is 6 buy.
Please note that the above analysis is for informational purposes only and should not be considered as investment advice.