MARA - Trade Both Sides To Win

24 Jun

MARA

Similar to Bitcoin , MARA bounced from a 1:1 extension:



And so a 3 wave correction completed in symmetry.

So on MARA chart, from April lows we have;

- A weak 1:0.618 (GW) 3 wave upside bounce (blue line).

- A shallow and descending 1:1 3 wave correction (yellow line).

- And a 0.5 retracement bounce.

The bounce is weaker than Bitcoin and overall the chart looks weak also considering the 1:0.618 extension ~ weak because the third wave is shorter and a sign of waning momentum.

If Bitcoin will at some point move on up then there is a possibility that this 3 wave correction is a connecting and momentum shifting Pattern Separation from the bearish 1:0.618 wave up, into a more bullish future wave up.

But overall the chart looks weak to my eyes.

I am going to somewhat play both sides here because Bitcoin is printing upside liquidity sweeping action.



This signals some sort of downside in the pipeline.

...

In this area I do not yet have too much idea whether the Bitcoin bounce has real impetus or it is an unstable short squeeze that would lead to impulsive downside.

But I do think that some downside is coming; either a pull back or the dominant trend continuing down.

And so this is my opportunity to take the short term signal to get in early on a MARA short.

...

If MARA is weak compared to Bitcoin and Bitcoin grinds higher, there is a reasonable chance that MARA will start falling.

But another significant consideration is that Nasdaq made a new ATH today ~ MARA is part of the Nasdaq index.

Since Nasdaq has tapped into higher liquidity above previous ATH, there is a reasonable chance that Nasdaq will not be making much more significant Y axis discovery to the upside.

And so; similar to the relationship with Bitcoin; if Nasdaq grinds higher and MARA is weak comparing to Nasdaq, then MARA may start falling away.

With both Bitcoin and Nasdaq potentially in some sort of distributive (topping) territory and a potential MARA having a weak relationship with both, in the most bearish scenario MARA may capitulate down and down from here.

And in the more bullish scenario I may make a small loss or perhaps breakeven.

So I bought a few short positions here 👍.

This analysis is shared for educational purposes only and does not constitute financial advice. Please conduct your own research before making any trading decisions.

25 Jun

Nota

MARA printing a nasty upside shakeout today.

And this is developing into a great short opportunity.

I bought more short positions today.