Marathon Patent Group Inc (MARA Stock) incomplete bullish sequence
|With Bitcoin recently breaking out to new all time highs the Crypto and Blockchain market has reached fever pitch. Mara is a stock that has been consolidating since it peaked from January 8th. One more swing lower may be coming before further upside takes place. lets take a look at what they do:
“Marathon is a digital asset technology company that mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. We currently operate our proprietary Data Center in Hardin MT with a maximum power capacity of 105 Megawatts. Once fully deployed, the Company will have 21,500 Antminer Bitmain S-19 Pro Bitcoin Miners in operation at this facility. The Company also owns 2,060 advanced ASIC Bitcoin Miners at a co-hosted facility in North Dakota.”
Lets dig into the charts!
Elliottwave view 480 minute:
Medium term term view from the all time low in March 2020. There is enough evidence to support an extended wave III in progress. Blue (3) is favoured to have peaked on January 8th at 29.23 with blue (4) now in progress. BTC seems to be forming a wave 4 triangle, so it is possible that MARA does not move lower for blue (4). Regardless, it is important to know, the right side is higher, we do not like to short this instrument but like to buy pullbacks in 3, 7 or 11 swing to extremes.
In Conclusion, blue (4) may still be in progress, but depending on Bitcoin, a triangle may be in progress. Regardless we do not like to trade the sideways zones but like to trade extreme areas.
Risk Management
Using proper risk management is absolutely essential when trading or investing in a volatile stocks. Elliott Wave counts can evolve quickly, be sure to have your stops in and define your risk when trading.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.