Chart of the day

Where do we stand fundamentally?

Marathon Digital Holdings (MARA) recently reported a 2% increase in Bitcoin production for October 2024, reaching 717 BTC. This growth came despite an increase in global mining difficulty, as MARA enhanced its hash rate by 14%, bringing it to 40.2 EH/s. The company attributes this progress to ongoing infrastructure improvements, including the installation of new miners and additional immersion cooling technology at its Granbury site, aiming to reach a 50 EH/s hash rate by the end of 2024.

Additionally, Marathon's October revenue included higher transaction fees, which made up about 5% of total earnings, with specific transactions generating fees above 2 BTC each. This is partly due to MARA’s proprietary mining platforms, Slipstream and MARAPool, which help maximize potential transaction fees.

Marathon has scheduled a webcast on November 12 to discuss its third-quarter financial results, where more detailed updates on the company’s performance and operational outlook will be provided. The company’s stock and investor information are available on its website, where the webcast will also be streamed live for interested stakeholders.

MARA is testing the important resistance 22.10. We need to see a breakout here for an upside extension to 50 and possibly higher. Invalidation of this immediate upside extension could come upon a break below 14.

We are in the development of the third wave higher long-term and we have seen a basing price action as over. As said the continuation of an extension could lead to a 50 target in the medium-term to long-term if MARA breaks and sustains a breakout above the 23 resistance. Te main resistance after that lies at 50.

_{Try a long trade entry with a stop loss below 15 to target 50 and higher. You can trade it with options as well as it is shown in the example below.}