$MARA - RC -
Added 2023-10-30 11:00:39 +0000 UTC$MARA started last week moving very well and tested the 200 Day MA, which it had lost in the middle of Sept......and then they announced to the market that they had filled for a mixed shelf offering of $750 million, which is to be used for capital expenditure and 'general corporate expenses' a line that I never like to see......for me an offering should be about growth only.
Thee timing of this offering isn't great, especially since the price was already quite low, well below their $20 top in July and $MARA was starting to build momentum.
Either way, they topped out at the 200 Day MA and got rejected but $BTC remains quite strong and the strength of $BTC may absorb the shock of the public offering.
$MARA is up 4% in the PM now.
It is still too early to say that this is now in Subwave 1 now of Wave 3 and I won't be drawing counts for the sake of it unless we see full confirmation of a reversal. So for now, we want to see this get above the 200 Day MA and holding, this will mean it is in the Bull Case and showing a lot of strength.
But as $BTC continues to move higher, I expect crypto companies to follow.
