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Nasdaq BeaterCLSK trend analysis
$CleanSpark(CLSK.US)
Mining stocks are highly susceptible to market trends and BTC, with significant volatility. The views in this article are for reference only. As usual, let's start with the chart:
As a commentator on this stock, I've been stuck for three months—love-hate relationship. It's both the 'diving king' and the 'night trading prince' 🫣.
From the chart, it's clear it's forming a descending wedge pattern (refer to my previous article for details). Each time it touches the orange trendline, long upper shadows appear, indicating strong potential resistance.
Further observation reveals two descending trend channels (inner orange lines) within the wedge. Here's the key! Note the red circles I drew—breaking this channel often leads to a pullback rally, possibly explaining the recent strong support at $8.
As a mining stock, its fate is tied to BTC, so let's analyze BTC's trend:
BTC remains in a downtrend, repeatedly failing to break the orange line. It's unclear when stabilization will occur. This resembles a descending broadening wedge pattern:
Everything will be fine! Stay passionate 🥹. My views may not be perfect—feel free to discuss in the comments!
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