Lets be real here, most BTC miners look in bad shape and this is a dicey market.
Top tier miner MARA you might think is warming up, but I say it is having a dead cat bounce.
So perhaps a change of guard is happening and market favour has shifted in favour of IREN.
IREN is the clear winner in this area and the only clean chart.
Higher time frame contraction pattern has led to a pump.
And from there was a lower time frame contraction pattern into a continuing pump.
These are both cause building events and now breaking above the top, the sky is the limit of how how this could go.
Its not without risk though.
If Bitcoin were to wobble then this could have significant downside.
But currently Bitcoin looks gentle and stable which is ideal for this pump to continue.
Apparently IREN is a big deal in miners.
This is apparently the market favourite.
Not advice.
Top tier miner MARA you might think is warming up, but I say it is having a dead cat bounce.
So perhaps a change of guard is happening and market favour has shifted in favour of IREN.
IREN is the clear winner in this area and the only clean chart.
Higher time frame contraction pattern has led to a pump.
And from there was a lower time frame contraction pattern into a continuing pump.
These are both cause building events and now breaking above the top, the sky is the limit of how how this could go.
Its not without risk though.
If Bitcoin were to wobble then this could have significant downside.
But currently Bitcoin looks gentle and stable which is ideal for this pump to continue.
Apparently IREN is a big deal in miners.
This is apparently the market favourite.
Not advice.
Note
Going well so far though I've got my eye out for any bearish twist. I am short COIN now - see my ideas page for details.
Trade closed manually
Here comes that bearish twist.I did take a little profit on this
And now fully exiting as miners a looking a bit bearish here.
Note
1 hour crypto video: 
Trade active
I may be having a thesis change on Bitcoin.And so I have bought back into IREN here.
We'll see how it develops but if Bitcoin becomes stable and push on up then IREN may pump to dizzying highs.
Note
Similar to Kerrisdale Capital on RIOT; Culper Research have come out on Twitter as short IREN today and we're seeing some very bearish action.x.com/CulperResearch/status/1811419606197960756
Worth noting that when Kerrisdale did this and RIOT was immedietly bought back up.
This is quite a deep sell of and it now looks like it can get back to $10 previous high support.
That may be a nice opportunity to top up.
A lot depends on Bitcoin as to whether IREN continues on up or comes much lower.
Note
Looking very compressive in this area and had no expansive dumps through this area.Looks a great pickup here in the liquidity pocket below support 👍.
Note
Had a minor wobble but now back above resistance.Most likely will continue up from here.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.