Marathon DIgital Holdings - Elongated Right Shoulder (H&S)
Marathon Digital Holdings is about to test the neckline of the H&S.
Bitcoin miners had huge volume on Friday.
Will be looking for a bullish close on the daily above the neckline to initiate a position.
After Fed announcement, where I do not expect Powell to add anything new.
Powell will probably reiterate we will go again if inflation persists and the monetary lags are yet to be fully felt, Bitcoin will find buyers. This should be bullish for all BTC miners.
Initial target should be around 30 on break and who knows by next year we might be in a crazy bull market in crypto (there are signs appearing). In that case, taking half of the position and letting it run might lead to 5x-10x.
If you are interested in Bitcoin miners in general, here are some comments:
1. Riot and Marathon are Tier 1 miners
2. Cleanspark and Bitfarms have already broken out of resistance are looking extremely bullish.
3. Volatility of the miners are high (position sizing is key)
4. Miners will be extracting less BTC going forward (due to halving) but Bitcoin price supports revenue and there is monthly revenue also from mining fees.
Bitcoin miners had huge volume on Friday.
Will be looking for a bullish close on the daily above the neckline to initiate a position.
After Fed announcement, where I do not expect Powell to add anything new.
Powell will probably reiterate we will go again if inflation persists and the monetary lags are yet to be fully felt, Bitcoin will find buyers. This should be bullish for all BTC miners.
Initial target should be around 30 on break and who knows by next year we might be in a crazy bull market in crypto (there are signs appearing). In that case, taking half of the position and letting it run might lead to 5x-10x.
If you are interested in Bitcoin miners in general, here are some comments:
1. Riot and Marathon are Tier 1 miners
2. Cleanspark and Bitfarms have already broken out of resistance are looking extremely bullish.
3. Volatility of the miners are high (position sizing is key)
4. Miners will be extracting less BTC going forward (due to halving) but Bitcoin price supports revenue and there is monthly revenue also from mining fees.
Comment:
Went with the follow through from 18.90, put my stop at 18.80. Initially, it went up to 19.10 but then stop got triggered.
Comment:
Moving my stop just below 22.
1st target remains 30.
1st target remains 30.
Trade closed: stop reached
Trade active:
Time to go again!