MARA - Dump May Provide Buy Opportunity

Since the local high MARA has looked more impulsive to the downside and I was previously looking to buy in the area it is now as it was my preferred retracement area.

But now it it moving with momentum I dont want it here and think it is printing some kind of zig-zag down.

So now taking the 3 previous pivots a fib extension could see MARA reverse at the 1:1 : $7.74 or the 1.618 @ $5.01.

Both look quit promising with other confluent landmarks.

The 1:1 target would fill the gap that for some time I have been saying will fill (see linked thread) much to the dismay of the odd fanboy humpty dumpty.

The 1:618 would see MARA re-test the long term 1.272 taking the 3 major pivots from the top and could potentially see a double bottom reversal.

If stocks and crypto bottom out MARA is going to go bananas.

Judging momentum will be the key to hopefully unlocking this puzzle.

Kommentera:

I am not shorting.