I'll start off by saying I have no holding in Bitcoin, nor do I really care to get into it. What do I look like, a schmuck playing with Chuck E. Cheese coins?
The hottest headline at the moment (aside from Johnson&Johnson flopping on their COVID trials, let's see some bio pennies heat up) is Bitcoin crossing over into bullish territory with the biggest weekly gains in 2.5 months. The peek over of resistance of $11,200 (Sept. 18) into support is bullish, according to Stack Funds research analyst Lennard Neo.
As of now, Bitcoin is +8.11% sitting dandy at $11,467.03, which means it's holding past the resistance level which is key for the price of Marathon Patent.
Marathon Patent is a digital asset technology company that mines cryptocurrencies, with a focus on the blockchain ecosystem and the generation of digital assets. They are a crypto stock and therefore fit the theme, this probably sounds a little ridiculous, but when you have one main runner you also have stocks in the same sector that run. I'm looking at you, stocks that are sponsored by Amazon on Prime Day. So with stimulus talks and the current positive price fluctuation of Bitcoin, it's interesting to see what MARA will do this week. Better hope it behaves.
Breaking the down trend and confirming a falling wedge pattern, MARA got rejected by the MA(50) (red) at $2.58 faster than my friend who wore Timbs to the bars. This kid literally shows up in grey baggy jeans and Timberlands with a Yankee hat and claimed to be having a bad night. Yeah, I don't think it's anything other than an ordinary night. Especially when you look like you're about to clean my roof. Anyway, I'd like to see MARA test the red line again. I want it to ride that white trendline.
Based on the Company’s current revenue and profit projections, management is uncertain that the Company’s existing cash will be sufficient to fund its operations through at least the next twelve months from the issuance date of the financial statements, raising substantial doubt regarding the Company’s ability to continue operating as a going concern. If we do not meet our revenue and profit projections or the business climate turns negative, then we will need to:
● Raise additional funds to support the Company’s operations; provided, however, there is no assurance that the Company will be able to raise such additional funds on acceptable terms, if at all. If the Company raises additional funds by issuing securities, existing stockholders may be diluted.
This is straight from their 10-Q. If they decide to be little b's and throw an offering at us, I will go all Amanda Bynes on their ass and slap them to next week.
Another downside is BTC falling, and so with that would cause MARA to fall into the downside of under $2. Possibly below the blue line ($1.97).
If alls well ends well, then we can go back to $4 land on the upside, just like she did last summer. I KNOW what she did last summer, and it was make me some good coin. We hit $4 and it's ribeyes on me, otherwise, I'll give you all the Nathans hot dogs you could desire.
**Not a financial advisor. Articles are opinions.
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