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Miner Chart Watch: Weekly Bitcoin-Mining Stocks Analysis
Straight price-action snapshots and technical notes.
Christopher Inks
December 14, 2025
Charts
1. RIOT Blockchain ($RIOT)
Price wicket out just two cents above 16.25 before pulling back, so I want to see a more convincing break out. An impulsive daily candle break out and close above 16.67 will signal that the bottom may be in. Breaking out above ~18 will make it much more likely that wave ii may be complete. That said, it will take a break out above wave ((B)) at 23.49 to truly add confidence to the count.
*Target placement is not based on time. I only focus on the target levels.
2. Marathon Digital Holdings ($MARA)
An impulsive daily candle break out and close above 13.40 will have me looking higher. We have a possible target of 14.94 (the 61.8% retracement level), followed by 17.24 (the range resistance). Breaking down below the 9.71 swing low instead will invalidate that target and give us a possible downside target of 7.94.
*Target placement is not based on time. I only focus on the target levels.
3. CleanSpark ($CLSK)
Price remains range bound around the monthly pivot for now. Breaking out above 20.87 will add confidence to the count and signal that wave ((ii)) is likely complete and that wave ((iii)) is in progress.
*Target placement is not based on time. I only focus on the target levels.
4. Bitfarms Ltd. ($BITF)
Price started to push below the 61.8% retracement level on Friday. Continued decline has an initial target of 2.61 followed by 2.34. Breaking down below wave ((2)) will invalidate the count. A break out above the monthly pivot area at ~3.45 will give us a target of the monthly R1 pivot at 4.58. Breaking out above 4.89 will signal that wave ((2)) is likely complete.
*Target placement is not based on time. I only focus on the target levels.
5. Hut 8 Corp. ($HUT)
Price wicked out just beyond the swing high slightly above the monthly pivot before being rejected and sent back below the monthly pivot. It looks like the rally is in three waves so it appears to be wave B of an expanded flat correction. That has me focused on a pull back to sweep the range low to complete the correction. We have a local target of the monthly R1 pivot at ~56.48. Breaking out above 55.55 will add confidence to this count and give us a wave ((5)) pattern target of 73.30. Breaking down below Wednesday’s swing low instead will give us an initial downside target of the monthly S1 pivot at 32.60.
*Target placement is not based on time. I only focus on the target levels.
6. Argo Blockchain ($ARBK)
A 1/216 split has occurred and price tanked to a new ATL at 6.24 on Friday. Zooming into the H4 time frame, we can see that most of the volume has come in near Friday’s low. So there’s a good possibility we will see a bounce, at the very least, this week. Breaking out above 7.86 has an initial target of ~10.83. Breaking out above that level could see price rallying into ~20 and maybe even ~26.31. But, as usual, be extremely cautious with this one.
*Target placement is not based on time. I only focus on the target levels.
7. Hive Digital Technologies ($HIVE)
Price remains range bound through last week. A close above 3.79 will be the first real clue that wave ii may be complete. An impulsive daily candle break out and close above the monthly pivot at 3.90 will make that clue much stronger. Further break out above 6.30 will add confidence to the count and signal that wave iii is likely in progress. Breaking down lower instead could see price targeting the monthly S1 pivot area at ~2.20.
*Target placement is not based on time. I only focus on the target levels.
8. Terawulf Inc. ($WULF)
Price wicked out above the local swing high but never breached the 17..05 level. It pulled back into the monthly pivot area. Continued decline has an initial target of a sweep of the range support, followed by the monthly S1 pivot area at ~11.86. Breaking down below wave iv will invalidate the count. Breaking out above 17.05 will add confidence to the count. That will give us a wave v of (iii) pattern target of ~21.
*Target placement is not based on time. I only focus on the target levels.
9. IRIS Energy Limited ($IREN)
Price has, so far, wicked just slightly below wave (iv) keeping it alive. Continued decline has a wave (iv) target of the monthly S1 pivot at ~32.60. A close above 54.06 will signal that wave (iv) is likely complete. Further break out above 76.87 will add confidence to the count. Wave (v) has a pattern target of 100.
*Target placement is not based on time. I only focus on the target levels.
10. Core Scientific, Inc. ($CORZ)
Price is pulling back with an initial target of the 50% retracement level at ~15.94, followed by ~15.46, and then ~15.10. An impulsive daily candle break out and close above the monthly pivot at 18.14 will signal that wave (iv) is probably complete. Breaking out above 21.15 will add confidence to the count and signal that wave (iv) is likely complete. Wave (v) has a pattern target of 30.
*Target placement is not based on time. I only focus on the target levels.
11. Cipher Mining Inc. ($CIFR)
After printing a slightly lower high just beyond the monthly pivot, price has pulled back. Continued pull back has targets of 16.43, 15.43, and 14.77. That’s the 50%, 61.8%, and 70.5% retracement levels respectively. An impulsive daily candle break out and close above the monthly pivot at 19.65 will signal that wave iv is likely complete. Further break out above 25.52 will add confidence to the count. Wave v of (iii) has a pattern target of 33.
*Target placement is not based on time. I only focus on the target levels.
12. Bitdeer Technologies Group ($BTDR)
Price has continued to pull back below the LVN and the HVN just below it. A close above the gap at 13.60 will be the first clue that wave (ii) may be complete. An impulsive daily candle break out and close above the monthly pivot at 15.79 will make that much more likely. Breaking out above 25.28 will add confidence to the count and signal that wave (iii) is likely in progress. Breaking down below wave (ii) instead may see price targeting the monthly S1 pivot at ~17.29.
*Target placement is not based on time. I only focus on the target levels.
13. Mawson Infrastructure Group Inc. ($MIGI)
Strong volatility last week as price rallied ~237% between Wednesday and Thursday last week, before being rejected and dropped just as hard Thursday and Friday, ending up about where it started. That impulsive pop carried price up through the monthly pivot and shoved it right back down. This is why I’m always watching for an impulsive break out AND close above the monthly pivot.
While the 4.00 swing low holds as support, a break out above 6.62 may indicate that the low is in. But we now need to see a break out and close above Thursday’s swing high at 15.80 to add real confidence to that idea. Until then, Thursday’s candle is controlling and providing resistance.
*Target placement is not based on time. I only focus on the target levels.
14. Bit Digital Inc. ($BTBT)
Price bounced and wicked out slightly above 2.47 before pulling back on Friday. So now I am looking for a sweep of the range support and rally to break out meaningfully higher to indicate that wave ii may be complete. An impulsive daily candle break out and close above the monthly pivot at 2.68 will signal that wave ii is likely complete. Breaking out above 4.55 will add confidence to the count and indicate the wave iii is in progress. Breaking down lower, below wave ii, may see price targeting the monthly S1 pivot area at ~1.66 which will invalidate the count. A break down below 1.69 will invalidate the count.
*Target placement is not based on time. I only focus on the target levels.
15. Greenidge Generation Holdings Inc. ($GREE)
Price rallied a bit more but was rejected prior to the monthly R1 pivot. If the monthly pivot holds as support that will make it much more likely that the wave ii low is in. Further rally from here has a target of the monthly R1 pivot at 2.10. Breaking out above 2.18 will add confidence to the count and indicate that wave iii is likely in progress.
*Target placement is not based on time. I only focus on the target levels.
16. Ebang International Holdings Inc. ($EBON)
Price wicked out above the monthly pivot but closed back below it. As a reminder, we need an impulsive break out and close above the monthly pivot at 3.74 to signal that wave ii may be complete.Further break out above 4.73 will add confidence to the count and indicate that wave iii is likely in progress. But a breakdown below 3.00 will invalidate the count.
*Target placement is not based on time. I only focus on the target levels.
17. Digi Power X ($DGXX)
DigiHost has rebranded as Digi Power X with the new ticker symbol $DGXX
Price bounced into the ~4.07 level again early in the week but then fell lower. It may sweep the range support, keeping wave y alive. While price remains above the range support, a break out above 4.14 will likely indicate that wave y is complete and price is headed higher. An impulsive daily candle break out and close above the monthly pivot at ~4.60 will signal that the pullback off the 6.78 swing high is complete. Breaking out above 5.43 will add confidence to the count. Breaking down below wave y, with more than just a sweep, instead will likely see price targeting the monthly S1 pivot at ~2.41.
*Target placement is not based on time. I only focus on the target levels.
Price finished bouncing into range resistance before being rejected and sweeping range support so far. An impulsive daily candle break out and close above the monthly pivot at 49.75 will signal that wave iv is probably complete. Breaking out above 65.13 will add confidence to the count. Wave v of (iii) has a pattern target of 87.75. Breaking down instead could see price targeting the monthly S1 pivot area at ~34.38. But traders should be watching for support around the 61.8% 70.5% levels, at 40.15 and 36.25 respectively, along the way.
*Target placement is not based on time. I only focus on the target levels.
Hashpower & Geopolitics
Texas load boom meets behind-the-meter mining, while network conditions stay tight into year-end
Network conditions improved slightly this past week even as miner pricing power stayed weak. Luxor’s Weekly Mining Roundup (published Dec 8) flagged a modest dip in USD hashprice (down about 1.05%) while the 7-day average hashrate rose about 4.73% to roughly 930 EH/s, miner rewards rose 6.51% to 3,251 BTC on higher fee income, and difficulty eased slightly (down about 0.45%). On the forward-looking side, CoinWarz shows current difficulty around 148.20T, with the next adjustment estimated for Dec 25.
The real “hashpower meets politics” story this week was Texas, and it was not subtle. ERCOT reported that large-load interconnection requests surged past 230 GW in 2025, nearly quadrupling the 63 GW level at the end of 2024, with more than 70% coming from data center developers. That backdrop matters because miners get lumped into the same large electronic load category as AI data centers. Separately, Sangha Renewables switched on a 19.9 MW bitcoin mine in Odessa that runs behind-the-meter on a 150 MW solar farm, buying up to 20 MW of solar before it hits the grid, with TotalEnergies providing balancing and supplemental power, and the operation designed to be interruptible when power pricing spikes.
Why it matters: The grid narrative is tightening. Texas is staring at unprecedented large-load demand growth, and regulators are now openly designing coordination rules around that reality. At the same time, the Sangha project is a concrete example of the “new miner playbook” that policymakers tolerate more easily: flexible load, behind-the-meter, soaking up stranded or negatively priced renewables, and shutting down when conditions demand it. Meanwhile, the network itself is not offering much margin relief, with hashprice softness still the headline even when difficulty eases.
Actionable angle: For public miners and hosting names, this week’s tell is how they position against the Texas large-load regime. Watch for disclosures around interconnection timelines, curtailment design, and any behind-the-meter or co-located generation strategy that reduces grid conflict. On the network side, keep difficulty trajectory front and center into the Dec 25 retarget because even small shifts matter when USD hashprice is already sliding.
Signal stat: ERCOT large-load requests exceeded 230 GW in 2025 (about 4x the end-2024 level), and a new 19.9 MW behind-the-meter solar-linked bitcoin mine went live in West Texas this week.
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