Swinging for the Fences in MARA

Louis Sykes
December 19, 2023

It's stupidly easy to get swept away in narratives.

From the constant buzz about ETFs to the rise of random meme coins and the infamous halvening, it's hard to escape the storytelling.

It's amusing how people confidently share fundamental narratives during bullish markets, only to resort to drawing lines when sellers enter the scene.

Understanding why a market is trending is normal, but is it really helpful?

Not so much.

In the realm of crypto, we leave the narratives at the door and simply focus on buying the strongest assets. After all, money flow is what truly moves markets, not stories or opinions.

Our Helium longs have quadrupled over the last few weeks as buying breakouts from reversal patterns continues to be a winning strategy in this tape.

While today's trade may not quadruple overnight like Helium, it's offering us an incredibly favorable risk vs reward at current levels. And these patterns just keep working.

Here's how the chart is shaping up:

MARA has broken to fresh 52-week highs and reclaimed a critical resistance level around 19. It doesn't get much cleaner than this.

This setup is eerily similar to Coinbase, which completed a similar base recently and is up about 40% since.

So here's the play.

We like MARA long above 19 with a target of 84.

That's more than 4x from current levels.

Yes, it's ambitious. But this is the perfect environment to take big swings at opportunities like this.

There's no need for narratives or gossip to inform this trade; it's all about simple technical analysis.

Just the way we like it.

Time to swing for the fences.

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Thanks for reading and please let us know if you have any questions!

Allstarcharts Team

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