Bitcoin: Elephant In The Room

Good Tuesday Morning, MPTraders!  February 27, 2024-- Pre-Market Update: Bitcoin is the elephant in the room this AM, pushing above 57,000, placing it in striking distance of the November 2021 ATH at 69,000... My attached Daily Chart of Cash Bitcoin shows the most recent upmove from the 38,500 low at the end of January to today's high at 57,427 so far, which incidentally, satisfies-- and then some-- my most recent Jan-Feb Target Window of 53,000 to 57,000. If Cash BTC climbs to challenge the upper boundary line of the October (2023)-February 2024 channel, then 60,000-61,000 is the next prior to the likelihood of a meaningful correction... (Continued below the BTC Chart with a look at Bitcoin Miner MARA)...

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As for MARA-- our proxy for participating on the equity side of Bitcoin--, my attached 4-hour chart (scroll down to yesterday's update when I posted my MARA WEEKLY Chart) shows the price structure emerging from an 8-week corrective accumulation pattern that has nearest-term projections to 32.75-33.50 (met this AM), followed by 34.5- to 35.50, and then toward my 42 to 45 Target Window derived from the corrective base formation. As long as any forthcoming weakness is contained above 28.40, MARA points higher, potential MUCH HIGHER... Last is 32.25... (continued below the MARA chart)...

ES-- Today represents the third to last trading day of February. As of last eve's close, the Cash SPX was up 1.68% for the month. Will the bulls be able to sustain the gains into Thursday's close? Who knows?  But if they do, then SPX will be up Nov., Dec., Jan., and Feb., which bodes extremely well for the rest of the year based on the 15 prior instances.

In any case, ES continues to exhibit an orderly corrective pattern off of last Friday's ATH at 5123.50 to this AM's low at 5075.50. Unless ES can claw its way above 5093 to break the back of the corrective pattern, the index will remain vulnerable to a stair-step still lower into the 5045 to 5065 target window from where my near term pattern work expects renewed buying interest that will argue for the initiation of a new upleg that projects to 5150/60 next... Last is 5082.75...

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