A good buddy gave some heads up about MARA, and we had a short discussion about MARA. He mentioned that MARA and Crypto had some relationship and I was a little skeptical that MARA would be close enough in relation to crypto, and also wondered if there was any relationship, what might it be.
So, from purely a technical perspective, I pulled up MARA and overlaid ETHUSD on the weekly chart. Some adjustment requires for the overlay and it appeared that my buddy was perhaps onto something! Honestly, I have not enough research into MARA, but for what it is worth, it appears that MARA leads ETHUSD, in a somewhat casual open relationship IMHO (pun not intended).
You see, as MARA rallies, it does this ahead of ETHUSD. And it also appears to lead in the downside aspects too. Both have about 1-2 week lead.
Currently, it does appear that MARA is in bearish stance, with a bearish candle last week that closed a gap. Technical indicators apparently struggle to mitigate the bearishness.
In the daily MARA chart, the recent rally is oer, with a solid gap down end of last week. Technical indicators also support a bearish stance, with more downside expected.
Immediate support levels are about 12, and then 8.50. Resistance is clearly at 14.
Given this casual relationship, if it is sufficiently robust to hold, we might co-relate that ETHUSD is having some downside risk for the rest of August, and into early September, with a possible bounce off later in September, perhaps on the back of The Merge?
I would keep an eye out on MARA... just to see if this relationship achieves some longer term goals.
Tell me what you think, and if this makes sense to you too?
So, from purely a technical perspective, I pulled up MARA and overlaid ETHUSD on the weekly chart. Some adjustment requires for the overlay and it appeared that my buddy was perhaps onto something! Honestly, I have not enough research into MARA, but for what it is worth, it appears that MARA leads ETHUSD, in a somewhat casual open relationship IMHO (pun not intended).
You see, as MARA rallies, it does this ahead of ETHUSD. And it also appears to lead in the downside aspects too. Both have about 1-2 week lead.
Currently, it does appear that MARA is in bearish stance, with a bearish candle last week that closed a gap. Technical indicators apparently struggle to mitigate the bearishness.
In the daily MARA chart, the recent rally is oer, with a solid gap down end of last week. Technical indicators also support a bearish stance, with more downside expected.
Immediate support levels are about 12, and then 8.50. Resistance is clearly at 14.
Given this casual relationship, if it is sufficiently robust to hold, we might co-relate that ETHUSD is having some downside risk for the rest of August, and into early September, with a possible bounce off later in September, perhaps on the back of The Merge?
I would keep an eye out on MARA... just to see if this relationship achieves some longer term goals.
Tell me what you think, and if this makes sense to you too?
