This Crypto Miner just needs a little Spark! Here’s Scott’s take on $CLSK – March 17, 2022
CLSK RIOT MARA HUT GBTC
This is Scott with your Chart of the Day. I want to take a look at a crypto miner, this is CleanSpark ( NASDAQ: CLSK ). A lot of crypto miners have been in pretty strong downtrends. As you know they follow Bitcoin pretty closely.
Let’s look at Riot Blockchain ( NASDAQ: RIOT ), it’s in a pretty good downtrend, but then the last couple of months here, basing. Marathon ( NASDAQ: MARA ), the same kind of pattern, it almost looks identical. Hut 8 ( NASDAQ: HUT ) is very similar, under the 50-day, under the 200-day.
And so while I like those miners I don’t think it’s too late to take a look at CleanSpark ( NASDAQ: CLSK ). Because CleanSpark ( NASDAQ: CLSK ) is above the 50-day, it’s above the 21-day, and it’s above the 8-day and they are all in order.
It is still under that 200-day moving average, but I would look at that as a potential short-term swing target. Because we have some clearly defined support, right there just above the 50-day, and we have some clearly defined resistance, right around that 11.50 level. And so even if we just run up and test the underside of the 200-day, depending on what Bitcoin does, that’s a 20 percent move just to test the underside of the 200-day moving average.
I think that is a pretty good setup to keep an eye on. Obviously, a lot of it depends on what Bitcoin does, and it is tightening up. If you look at the Bitcoin chart, let’s look at GBTC ( OTCMKTS: GBTC ) really quick, it has just kind of been going sideways here for a couple of months. So we’re watching, obviously, to see what Bitcoin does. But if it has a nice clean break to the upside I think CleanSpark ( NASDAQ: CLSK ) should be a chart to keep an eye on.
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