MSTR, MARA and RIOT Forecast – Crypto Stocks Continue to Struggle

MSTR Technical Analysis

MicroStrategy looks like it’s going to be a little bit positive at the open on Wednesday as we wait for the FOMC meeting. After all, this is essentially a proxy for Bitcoin, although there’s a company in there somewhere and therefore, people will trade this right along with Bitcoin. If you look at a chart, it looks like the same thing.

So that leads to the question, as Bitcoin becomes a little bit more mainstream, whether or not people will be buying MicroStrategy, after all, why not just buy Bitcoin? That being said, the market is in between the 50-day EMA and the 200-day EMA indicator, so I think you continue to see a lot of noise in this area. But quite frankly, until Bitcoin takes off, MicroStrategy is going nowhere.

MARA Technical Analysis

Mara looks like it’s cutting lower, like a hot knife through butter, although it does look like it’s going to bounce a little bit in pre-market trading. That being said, you’d have to be looking to fade rallies at this point, as the market looks very much like one that is essentially broken, possibly dropping down to the $8 level before it’s all said and done.

In fact, you would need to see a move above $16 to be convinced that the market is starting to change its overall attitude. With that being said, that would be roughly a 33 % gain from where we are right now. So, in other words, this is probably toxic for a while.

RIOT Technical Analysis

Riot looks very much the same as Mara, like it’s just plunging and plowing lower. This is a market that is trying to open higher, but we have a long way to go before this looks like something you should be buying. The obvious target to the upside would be the $10 level, but we’re nowhere near getting to that point, and that’s a 33 % gain from where we are here.

Because of this, I think you have a situation where market participants will continue to look at this as a sell the rally type of environment. Quite frankly, none of these three companies have any real chance of making big gains until the price of Bitcoin starts to rally.