MSTR, MARA and RIOT Forecast – Crypto Stocks Pulling Back Slightly on Thursday

MSTR Technical Analysis

MicroStrategy Incorporated looks as if it is going to open the session on Thursday a little bit lower than it closed on Wednesday. That being said, this is a market that has just formed a massive W pattern. So, if we can break above the candlestick from the Wednesday session, that could be a very good sign.

Otherwise, a pullback to the $300 level is very possible, where we have the 50-day EMA. All things being equal, this is a market that I believe will continue to be very noisy and of course, find its fate aligning identically to Bitcoin as it has for some time.

MARA Technical Analysis

Mara looks like it is going to open a little lower, perhaps right around the 50-day EMA, but it is in the realm of building a basing pattern at the moment, and a lot of people will be paying close attention to that. If the market were to break above the highs of the Wednesday session, then it opens up the possibility of a move to the 200-day EMA, which is currently right around the $17 level. I don’t have any interest in shorting Mara anymore as it is clearly a market that’s starting to fight, and Bitcoin is starting to rally. So that certainly helps.

RIOT Technical Analysis

Riot incorporated, it looks like it could pull back a little bit right at the open on Thursday as well, but it should be noted that this is a market that’s in an extraordinarily strong downtrend. So, the beginning of hope is starting to show itself as we are consolidating between the $6 level and the $7 level. This market will continue to be very noisy, but for longer term traders, this could be an area where you start to take a look at it. But in the short term, I just don’t see how you get aggressively bullish on this stock with the type of price action that we have seen for so long. This is essentially just dead money at the moment.

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