5-day and one month charts indicate downward pressure continues

Mara is continuing the move down to find a bottom. Notice in the past when Mara has found a bottom on the 5- day time frame and how price crosses the 5- day SMA/EMA, during the bottoming phase.

I have identified an ABC based on my Elliot wave analysis and I’m definitely not and Elliot wave expert but that count makes sense. The C wave will finish as a 5 wave down and I have identified two likely targets. However, Elliot wave is just for forecasting and decisions must be made on the price action. I the past and in similar situation, MARA candle stick formations tend to provide early clues of a bottom formation.

The orange dash line is approximately $10.78 and there could be a bounce there. It also lines up with the downward sloping channel. However; crypto miners tend to always goes to extremes and that is why the target are identified and align with fib retracement and projections. Once all indicators align a trend change will commence but now is not a good time to be buying for a longer -term positions

The link is the one month chart, which shows indicators are moving down, with the indicator below the volume has crossed the 50 line