CleanSpark, Inc. is a bitcoin mining company. The Company designs its infrastructure and data centers to support Bitcoin which is a digital commodity and a tool for financial independence and inclusion. CleanSpark serves clients in the United States. Founded 2014 and headquartered in Henderson, Nevada, US, one can trade it under ticker $CLSK at NASDAQ. Currently, we see Bitcoin and some other cryptocurrencies turning for another bullish cycle higher. In fact, the rally in prices of cryptocurrencies should push higher and may even provide a magnifying effect on the share prices of cryptocurrency mining/producing companies. Therefore, CleanSpark being one of Bitcoin miners should become a profitable invetsment target as it should ramp up along with acceleration in Bitcoin prices.
CleanSpark Weekly Elliott Wave Analysis 11.26.2023
The weekly chart below shows the CleanSpark shares $CLSK traded at NASDAQ. First, from the all-time lows, the stock price has developed a cycle higher in blue wave (I). Hereby, $CLSK has printed the all-time highs in September 2018 at $150.10. From the highs, a correction lower in wave (II) has unfolded as a zigzag pattern being a 5-3-5 structure. It has found an important bottom in March 2020 at $0.97. As a matter of fact, in 18 months $CLSK has lost more than 99% off its peak value.
From the March 2020 lows, another motive cycle in blue wave (III) has started and is currently in the initial stages. We see already first nest consisting of red waves I-II in place. It has ended in December 2022. Now, acceleration higher in red wave III of blue wave (III) should take place. In the medium-term, the target will be 43.11-68.11 area and even higher. Later, expect red waves IV and V of blue wave (III) to follow. In the long run, the target for blue wave (III) is 151-244 area and beyond.
CleanSpark Daily Elliott Wave Analysis 11.26.2023
The daily chart below shows in more detail the initial stages of the red wave III. From the December 2022 lows, a bullish cycle in red wave 1 has unfolded as an impulse. Hereby, black wave ((v)) shows an extension. Red wave 1 has ended in July 2023 at $7.60. From the highs, the consolidation pattern in red wave 2 has unfolded as a zigzag pattern. Firstly, 5 waves of black ((a)) have found bottom in August 2023 at $4.91. Then, a bounce in black wave ((b)) has set a connector in the same month at $6.86. From there, black wave ((c)) has broken below 4.91 lows opening up a bearish sequence. The target being 4.16-2.50 area has been reached and the price is bouncing.
It is the preferred view that red wave 2 has ended in October 2023. While above $3.38, next bullish cycle in red wave 3 has started. The short-term target will be 9.25-12.88 area and even higher. For the long-term perspective, current prices below 6$ offer a great investment opportunity. While medium-term investors can expect 7 times reward on their risk, long-term reward reaches towards 25x and more as related to current engagement.
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