To The Moon

Hi everyone. The last time I issued an update on this cryptocurrency miner was about a month ago. Here’s my updated TA:

Marathon Digital Holdings, Inc. (NASDAQ: MARA)

Instead of trying to look at smaller fractals, let’s look at the larger fractal. Consider the ascending support and resistance trendlines (in green) which form somewhat of an expansion pattern.

Notice how in the short-term, the stock is trading in a bearish ascending channel (in red) which is indicative of another leg down.

Similar to my previous newsletter on MARA, at the minimum, I am expecting the 13.70-14.07 gap to fill. As we have seen from the last major correction on MARA ending in Oct’23, price action remained muted until the stock filled the 7.21-7.49 gap from Mar’23. I am expecting something similar here.

The main levels that I’m looking at are:

1. 13.70-14.07 upside gap

2. 12.18 imbalance from Dec’23

3. 10.52 prior resistance level

The purpose of this newsletter is to show a possible actionable short-side trade if the stock cannot break above 17.45, as it would open up a 3-4 point move to the downside at the very least.

If we hold 13.70, and there are buyers stepping up there, it could potentially validate the black support trendline. Otherwise, I would look towards the (slightly) more credible green support trendline, as well as the levels below.

My rating from my previous newsletter remains unchanged at a HOLD, given longer-term upside that is expected post-halving. Moves back towards supports from 10-14 will give opportunities for longer-term investors to average down.

Sentiment: HOLD (Unchanged)

Summary (with Price Targets - NFA):

• Expecting the 13.70-14.07 gap to fill on MARA, as it has a tendency to fill gaps before heading higher. Look towards 12.18 imbalance and 10.52 S/R flip if we continue to drift lower over the next few months

• Investors can consider hedging their long positions with protective puts

Alright, that’s all for this newsletter. Till next time!

$Marathon Digital Holdings Inc(MARA)$ $Riot Platforms(RIOT)$ $Coinbase Global, Inc.(COIN)$ $MicroStrategy(MSTR)$ $CleanSpark, Inc.(CLSK)$

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