Hi YXI friends,

Today, we will do a quick update on Bitcoin and the Crypto Miners from purely a price technical perspective. The main techniques we use is the Elliott Waves Theory.

Before I present my views, I would first warn that technical analysis works best in instruments with strong crowd psychology, making it most suitable for macro instruments, futures, equity index ETFs, and large cap stocks. It is much less reliable for small cap instruments.

Secondly, while technical analysis can map out the key price levels, it is only a probabilistic view at the end of the day. There are many possible paths a stock could travel, often beyond the analyst’s primary expectations. Moreover, even if a chart suggest a stock could 10x from here, the timing of achieving this target is far from certain - it could take many years of patient waiting.

Separately, I am travelling in the next two days and will be slow in responding to questions and requests. My apologies in advance.

Table of Contents

• 1. Bitcoin: Breaking $100k Only To Come Back Down

• 2. Crypto Miners Chart Updates

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  • MARA (MARA)

  • TeraWulf (WULF)

  • HIVE Digital Technologies (HIVE)

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  • HUT 8 (HUT)

DISCLAIMER: This newsletter is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.

1. Bitcoin: Breaking $100k Only To Come Back Down

Bitcoin is still tracking the Global M2 changes quite well, with a 10-12 week lag. The recent decline in Global M2 is primarily due to a relentless stronger USD since the Fed’s September rate cute. A declining Global M2 has lead the downward moves in both Gold and Bitcoin.

According to our chart above, Bitcoin is within a small window of breathing space before Global M2 levels dived further. It appears to be following a similar trajectory to Gold in November. This means that Bitcoin could be moving violently sideways in the coming week.

Bitcoin Daily (https://www.tradingview.com/x/mk00X3eb/)

There are two reasons I think Bitcoin would bounce in the near term, before the final leg down in wave 4.

First, that wave circle-b looks incomplete as I would expect 3 waves up from wave (a) to wave (c) on the chart. Wave circle-b in a regular flat structure in Elliott Waves should reach 90% of wave circle-a, which is around $106k (highlighted in green).

Secondly, Gold in November also made a similar 3-wave move, and actually still has not broken its November low.

Bitcoin’s liquidation levels were heightened yesterday, but nowhere close to the levels seen in December.

2. Crypto Miners Chart Updates

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