I'm not a fan of slanty head and shoulders patterns, but when looking at the declining RSI it seems like CLSK is heading for a correction ahead of the next halving.
We've seen virtually all crypto mining stocks de-correlate from BTC's price over the last few months as institutions move money into ETFs rather than gamble on which miners they think will survive after their profit margins get sliced in half in April.
MSTR and COIN continue to be strong BTC proxies.
That being said, I think this group of stocks will catch up violently once the global liquidity taps turn back on and investors look for new higher money multipliers.
Regulatory scrutiny in the US will continue to play an important role in determining how attractive these stocks will be to investors.
I think the immediate gap down to $10.58 seems a likely target for short-term bears. I'd be surprised if it tanks to the lower $7.61 target, but we've seen crazier things this cycle and I'd personally be loading up at this level.
We've seen virtually all crypto mining stocks de-correlate from BTC's price over the last few months as institutions move money into ETFs rather than gamble on which miners they think will survive after their profit margins get sliced in half in April.
MSTR and COIN continue to be strong BTC proxies.
That being said, I think this group of stocks will catch up violently once the global liquidity taps turn back on and investors look for new higher money multipliers.
Regulatory scrutiny in the US will continue to play an important role in determining how attractive these stocks will be to investors.
I think the immediate gap down to $10.58 seems a likely target for short-term bears. I'd be surprised if it tanks to the lower $7.61 target, but we've seen crazier things this cycle and I'd personally be loading up at this level.
Comment:
Looks like FOMC meeting kicked life back into these stocks ahead of the halving. Taking the L on this one, but glad to see things picking back up again