MSTR, COIN and MARA Forecast – Crypto Stocks Get Rekt at the Open

MSTR Technical Analysis

The MicroStrategy market looks pretty ugly this morning as it looks like we are going to open down possibly as much as 10% or so, which makes sense considering that Bitcoin has been absolutely crushed overnight. Now, the thing of course is that this is a proxy for Bitcoin, it’s not really about the company anymore, so it’s going to behave like Bitcoin.

The $270 level underneath continues to be support. Really at this point in time, I guess unless you are an institution that is not allowed to buy Bitcoin directly, I don’t even understand why you would buy MicroStrategy when you could just buy Bitcoin. But at the end of the day, it is what it is, and this market looks like it’s going to follow Bitcoin lower, but it is worth noting that Bitcoin has bounced a bit, so we might just be testing the bottom of the range here.

COIN Technical Analysis

Coinbase of course is going to be hammered as well, which makes a lot of sense because Bitcoin has been beaten up pretty significantly, but alternative coins have been absolutely decimated. And of course, you have to keep in mind that Coinbase is not just Bitcoin, it’s pretty much everything.

So, with that being the case, it’s interesting to see that we are hanging around the 50 day EMA and above the $250 level. The $250 level for me is a major support level, and if we were to break down below there, we’d have to ask questions because we would more likely than not be breaking below the 200-day EMA.

MARA Technical Analysis

Mara is down in the morning as the Bitcoin miner, of course, is going to follow the trajectory of Bitcoin. This is a market that has been bouncing around a major floor right around the $15 level for months now. So, I wouldn’t read too much into it, other than it might be a trading opportunity to the upside. We’ll just have to wait and see.

But at this juncture, I think you have to look at this through the prism of a market that is going to continue to be a buy on the dip in a very tactical way. I would not get overexposed.