To The Moon

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MARA Holdings, Inc. (NASDAQ: MARA)

Since 2020, MARA has been forming a series of higher lows, although it has yet to form a higher high since peaking at 83.45 in Nov’21. Upside has also been limited due to the resistance trendline (in blue) from the peak.

However, the monthly Stochastic is about to complete a bullish crossover, subject to this month’s candle (similar to AMD).

The weekly Stochastic is heading into extreme overbought levels, while RSI is curling back to the upside.

Since Dec’23, the range on MARA has gotten tighter and tighter. We have been seeing consolidation for over a year in this descending channel (in red), with lower highs and lower lows.

However, we might be seeing a change in character here. We can see 2 bearish ascending channels (in black) on the chart - the first one broke down leading to lower lows, but the second one led to a breakout and retest. Moreover, this move down from the 26.19 resistance has been controlled selling on extremely low volume, similar to the selloff we saw at the start of the month. This is indicative of weakening selling pressure and preparation for a move higher, as well as a long-awaited breakout.

For there to be a breakout, MARA has to break above the confluence of resistances (blue resistance trendline and descending channel resistance trendline) and above the 26.19 resistance level. I’ve marked out the levels to watch, which are fully visible on the monthly and weekly charts. My long-term target on MARA is the 57.70 resistance level, which was last retested in 2021.

The risk for any longs would be a close below the long-term support trendline (in purple), which is currently rising above the 16.36-17.24 bullish gap. A structural breakdown would be catastrophic for MARA, as it will most likely lead to lower lows and a similar move to Mobileye (NASDAQ: MBLY).

Anyways, this move down is also actionable for short-term longs - the 4h Stochastic has fully reset, and has completed a bullish crossover. This will either result in a lower high or a full reversal. Given the support near the 20 level, there’s a possibility this is a bottom.

I wouldn’t sleep on miners.

Upside PT: 57.70

Invalidation: Close below long-term support trendline (in purple), which is currently rising above the 16.36-17.24 gap.

@TigerWire @TigerStars @CaptainTiger @MillionaireTiger @TigerEvents

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