Mish’s Daily: Turnaround Tuesday: Bitcoin & Cryptocurrencies Bottom?
Mish’s Daily: Turnaround Tuesday: Bitcoin & Cryptocurrencies Bottom?
Written by Michele ‘Mish’ Schneider
Over the weekend I showed you a weekly chart of Bitcoin.
That chart showed how clutch this week would be for the coin as the price held the 50-week moving average and needed to continue to do so.
For today, with Bitcoin holding support, we look at Marathon Digital Holdings Inc. (MARA).
This is a monthly chart with the 2 moving averages we rely on for denoting business cycles.
The blue line is the 23-month MA or about a 2-year business cycle.
The green line is the 80-month MA or about a 6-8-year business cycle.
Monthly charts are a great way to look at the start of a much bigger trend.
Note that the interview I did with Maggie Lake on September 9th (link below under Media) mentions this stock as a buy and talks more about what I am watching in the crypto space.
Incidentally, BITO, the ProShares ETF, has a similar look to MARA.
MARA cleared the 80-month MA in 2021.
In April, the 23-month MA crossed the 80-month MA, which is bullish.
However, as interest rates rose precipitously in 2022, the stock faltered.
In October 2023, MARA cleared back over both MAs.
And now as we have seen throughout 2024, the price holds both the longer and shorter-term business cycle moving averages.
That makes it look ripe for a move higher.
Plus, the risk is quite clear to under the 2024 lows, which we just made this week. Hence, the question on whether this is the bottom for the year and the start of a much bigger move higher.
Educational purposes only, not official trading advice.
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Mish in the Media
Maggie Lake Mish and Maggie explain the signs to look for before making your next investment decisions 09-09-24
WealthWise Why Mish likes a few areas for the remainder of 2024 into 2025 09-09-24
Stockpick.app Mish talks why Tesla interests her right now 09-10-24
Business First AM Why some discretionary stocks are on Mish’s radar. 09-09-24
Business First AM What would hurt the tech rally and the Nvidia Cultists? 09-06-24
CNBC Asia Street Talk A clip on tech, NVDA and where the stock is a buy 09-05-24
*Lead-Lag with Michael Gayed 40 minutes and everything we believe could happen in the upcoming year 09-04-24 A better link published soon
Coming Up:
September 12 Jim Pupluva Financial Sense
September 12 Schwab
September 27 Real Vision
Weekly: Business First AM, stockpick.app
ETF Summary
(Pivotal means short-term bullish above that level and bearish below)
S&P 500 (SPY) 5400-support level
Russell 2000 (IWM) 210 pivotal
Dow (DIA) 400 support
Nasdaq (QQQ) 440 support 465 resistance
Regional banks (KRE) 54 support
Semiconductors (SMH) 207 the 50-WMA 230 resistance
Transportation (IYT) Has to hold above 65 clear 67.00
Biotechnology (IBB) 137 area support 145 pivotal
Retail (XRT) 73.50 resistance to clear
iShares iBoxx Hi Yd Cor Bond ETF (HYG) Still very much risk on
20240911
