What’s the best Bitcoin Miner Chart? $CLSK $RIOT $MARA $HUT – April 18, 2024
This is Scott with StockMarketMentor.com and your Chart of the Day. I want to take a look at some Bitcoin stuff because we have the Bitcoin halving coming up very soon.
You can see Bitcoin (BTCUSD) is actually up today, which is weird because we’ve seen a ton of downside volatility in cryptocurrency over the last couple of days. But we have the Bitcoin halving coming up in about a day. That gets me interested to wonder which one of the Bitcoin miners are going to be worth looking at after the halving.
Let’s take a look at some Bitcoin miners. We’ll start things off here with CleanSpark ( NASDAQ: CLSK ). Now, CleanSpark ( NASDAQ: CLSK ), I’ll be honest, is one of the better-looking miners because it is at least in and around some of the key moving averages.
If we look at Riot ( NASDAQ: RIOT ), it’s way under all the major moving averages. You can see the support level that I had drawn out. It blew through it to the downside and didn’t really look back.
Marathon Digital Holdings ( NASDAQ: MARA ) is also down under the black line, that’s the 200-day moving average. That’s typically the no-go zone for traders. We like to wait until stocks get above the 200-day moving average.
Typically when stocks are able to hold above the 200-day moving average, good things happen. But when it’s under the 200-day moving average, typically ugly things happen. So Marathon ( NASDAQ: MARA ) is off the list. Riot ( NASDAQ: RIOT ) is off the list.
Let’s take a look at Hut 8 ( NASDAQ: HUT ), you can see it’s just chopping around the support level that I have drawn out. It’s not really doing anything, again it’s under the black line, under the 200-day moving average, and under the no-go zone. So it really just leads us to CleanSpark ( NASDAQ: CLSK ).
Now, CleanSpark ( NASDAQ: CLSK ) is above the 200-day moving average. It’s in and around the 50-day. It’s in and around the 20-day, and it’s in and around the 8-day. So this, in my opinion, is probably the best-looking Bitcoin miner, at least right here right now.
What you want to look for, in my opinion, in terms of Bitcoin mining is, you want to find a low-cost producer. With rewards dropping because of the Bitcoin halving you want look for the ones that are able to produce the most amount of Bitcoin for the least amount of energy, and power, and dollars, and resources.
It looks like CleanSpark ( NASDAQ: CLSK ) has the attention of the market because it’s the best-looking chart right now. In terms of getting into this stock, I’d really like to see it get above and stay above that 50-day moving average. It has been living under the 50-day for the last couple of weeks here, with really ugly price action.
I like the volume move today, and I like the fact that it tried, at least, to make a slightly higher high on the daily chart. It still has some work to do, and there is still earnings coming up here at the beginning of May. But like I said, compared to the other Bitcoin miners, CleanSpark ( NASDAQ: CLSK ), in my opinion, is what you want to pay attention to.
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