$MARA approaching the 5th wave down!
$MARA:4H
I would expect the increased potential for
MARA
to rise as high as the 0.5 retrace (20.75) or AVWAP (21.98) were
BTC
price to rise. I would expect the AVWAP (blue) off the recent high to be in confluence with the 0.5 retrace by that point and provide a solid line of resistance. Failure to consolidate above the 0.5 retrace/AVWAP levels could portend the beginning of the 5th and final wave down to the 10-12 price range.
It should be noted that price has done enough to complete the 4th wave upward retrace and could remain range bound (16-19) at current levels for a couple weeks. However, given the recent level of volatility associated with this issue, I see this as the less likely scenario.
In summation, whether it be from a little higher price point or from current levels, my current thesis is that
MARA
follows the price of
BTC
downward leading up to the halving and its accompanying, short term, ‘supply shock’. I would expect
MARA
to find its bottom somewhere between 10-12 before the end of April 2024.
I would expect the increased potential for
MARA
to rise as high as the 0.5 retrace (20.75) or AVWAP (21.98) were
BTC
price to rise. I would expect the AVWAP (blue) off the recent high to be in confluence with the 0.5 retrace by that point and provide a solid line of resistance. Failure to consolidate above the 0.5 retrace/AVWAP levels could portend the beginning of the 5th and final wave down to the 10-12 price range. It should be noted that price has done enough to complete the 4th wave upward retrace and could remain range bound (16-19) at current levels for a couple weeks. However, given the recent level of volatility associated with this issue, I see this as the less likely scenario.
In summation, whether it be from a little higher price point or from current levels, my current thesis is that
MARA
follows the price of
BTC
downward leading up to the halving and its accompanying, short term, ‘supply shock’. I would expect
MARA
to find its bottom somewhere between 10-12 before the end of April 2024.