ANY IS FORMING A DESCENDING TRIANGLE WITH THE BASE AT $5.60
The sold off Sphere 3D stock after the report came out on 15th November, coincident with Bitcoin pullback. Having looked at the weekly chart, we can see ANY is forming a descending triangle with the base at 5.60 as its long term support. If this support hold through until December, we can expect a breakout toward TP 8.60 and it may test the last peak at 12.28
If this 5.60s cannot hold, the next support is 4.35s (200 day moving average). Next resistance is 6.60 (50 day moving average)
Although the outcome of the last ER did not meet the investors expectation, ANY remains a solid player among crypto mining stocks.
Last month, ANY announced it entered into an agreement with Gryphon Digital Mining for approximately 230 MW of carbon neutral bitcoin mining hosting capacity to be managed by Core Scientific as hosting partner. The hosting agreement is the largest order in Core Scientific's history and represents another step forward for Sphere 3D and Gryphon Digital Mining in becoming the world's largest carbon neutral bitcoin miner. The merger date is expected to happen at the end of December so we can expect the breakout happen at that time.
My idea can be 100% wrong. Please do your own DDs before entering this trade.
If this 5.60s cannot hold, the next support is 4.35s (200 day moving average). Next resistance is 6.60 (50 day moving average)
Although the outcome of the last ER did not meet the investors expectation, ANY remains a solid player among crypto mining stocks.
Last month, ANY announced it entered into an agreement with Gryphon Digital Mining for approximately 230 MW of carbon neutral bitcoin mining hosting capacity to be managed by Core Scientific as hosting partner. The hosting agreement is the largest order in Core Scientific's history and represents another step forward for Sphere 3D and Gryphon Digital Mining in becoming the world's largest carbon neutral bitcoin miner. The merger date is expected to happen at the end of December so we can expect the breakout happen at that time.
My idea can be 100% wrong. Please do your own DDs before entering this trade.
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